Business insurance is not just for corporations or large business entities. Business insurance is perhaps more vital to small businesses, local businesses, and even businesses run out of a home. I aim to educate you on why it’s important for you, a small business owner, to consider insuring your business and covering your valuable assets.
The Argument For Small Businesses
“My business is small, I don’t have many employees, and I don’t deal with large transactions; what could go wrong?” We’ve heard this many times, and it is entirely understandable for a small business owner to think that way. However, there is a lot that can go wrong. We’ve heard too many stories where a business owner literally lost his or her business because the worst case scenario occurred, and they were left with absolutely nothing. Even a business operated from the comfort of your own home could be brought to a standstill if a burglary or house-fire occurred.
Property Insurance – Necessary in All Cases
Even for home owners, property insurance is an absolute must. Most small businesses run out of one location. That location is the sole source of their income. If something happened to that property, their business would be shut down. Without insurance, it’s often too costly to repair the damages while at the same time trying to cover your initial losses from the lack of a running business. Without insurance, you’d have to take out a loan to make the proper repairs or replacements for your property. And I don’t know if you know this yet, but loan paperwork can take a long time. And not having a running business will deter many banks from giving you that sum of money — You aren’t making money at the time, why would somebody want to loan it to you?
With property insurance you’re covered from day one. Because insurance companies know that your small business is your life, they’re quite good at getting you back up and running in very little time. For example, let’s say your property was near a water pipeline, and that line burst. If the county was unable to reimburse you for the damage the water caused, you’re left on your own. With property insurance, you’d have a disaster recovery team there that very day assessing the damages and planning a clean-up strategy. Your business could be up and running the very next day in many cases!
Insurance provides a ‘brain’ for you. You won’t have to think; the insurance company is well-trained at these scenarios and would know exactly what to do. They take the stress away, allowing you to strategize and perhaps even continue building your business from another location while the clean-up takes place. Small business insurance offers a peace of mind that you would certainly not have if you were not covered.
Commercial Auto Insurance – Necessary for Mobile Businesses
Does your company use vehicles? Even vehicles used infrequently for basic transportation of goods. documents, or products should be commercially insured. It protects against damage, collisions, theft, and natural disasters (such as damage from a tree branch falling on your windshield).
Cyber Insurance – Protect Against Data Breaches
As more and more local businesses are turning to the cloud for their data storage and mode of operation, the risk increases that these businesses could be the victim of cyber crimes such as computer virus infections, hacking, data theft (perhaps from a disgruntled employee), or even hardware/software failure. As your dependency on technology grows, so must your insurance.
Did you know that if you store sensitive information about your customers or employees on your computers, you are the one at fault if that information was leaked? Even if it was a hacker who cracked your system and stole that information; you are at fault. Data Breach Insurance protects hundreds of small businesses from the legal repercussions resulting such a tragedy every year.
Worker’s Compensation – Protect Your Employees & Your Business
Tens of thousands of individuals each year are injured on the job. This almost always faults the employer who may not have had anything to do with the injury. Even simple things such as a slippery stretch of pavement in the parking lot could result in litigation. Worker’s Comp covers small businesses from these minor mishaps that would otherwise tear a business a part. Resulting fines, fees, and lawsuit costs for these very minor injuries can be devastating – tens of thousands of dollars, even more. Lawyers are very vicious when it comes to protecting the interest of the prosecutor injured on the job or at the job location. Don’t leave room for any vulnerability; ask us about how Worker’s Compensation can protect your interest as well as the health and well-being of your employees.
Insurance Works For You
Insurance is constantly working for you, even after everybody has clocked out. It’s a shield safeguarding your business and everything you’ve put so much time, money, and effort into. All of that can turn to ash if you don’t have the proper coverage for your small business. Doing business without adequate coverage is like leaving a brand new Maserati left unlocked in a bad part of town!