When you buy a car, it goes without saying that you get it insured. The same is true for your house, or for an expensive piece of jewelry, but for some reason, many business owners don’t insure their business.
Businesses face myriad risks on an almost daily basis. Without adequate and proper coverage, a minor problem could be transformed into a gamechanger.
This article will tell you six reasons why you should insure your business:
What is Business Insurance?
Before explaining why you should insure your business, it’s important to explain what business insurance is. Business insurance is a type of insurance that provides coverage for businesses if they are ever involved in a fire, cause injury to a customer, or are the victims of theft.
A business with business insurance will never be out of pocket after a disaster and will always be protected.
As already mentioned previously, business insurance covers your business against loss from theft. According to the insurance specialists from https://www.staebler.com/, over 35% of private companies in Canada experience some type of loss due to theft. That’s almost half of all private companies in Canada.
Fortunately, if you are covered by business insurance and your business is the victim of theft, you will be completely protected. Anything that is stolen, your insurance company will compensate and reimburse.
This makes insurance absolutely necessary, especially for businesses who operate from a shopfront and hold stock in person. You can never predict when you are going to be the victim of theft, so don’t take chances.
In addition to never being able to predict when a thief will strike, you can also never predict when an employee or customer is going to injure themselves. Insurance coverage will ensure that if this happens, you will not be out of pocket.
This type of insurance is called liability insurance. In situations where you are being held accountable for causing personal injury and you are being sued, your insurance company will issue payment on your behalf.
While your premiums will go up if this happens, you will be able to keep your business running and won’t have to worry about closing your doors.
Natural disasters can strike at any time. When they do, they can leave devastation in their wake. If you own a physical business, then it is imperative that you invest in insurance to protect against natural disasters. With global temperatures rising, and global warming taking place at an exponential rate, natural disasters are increasing in frequency.
Parts of the world that had relatively calm weather are now seeing flooding, high winds, and storms. If your business is destroyed by a natural disaster, then insurance will ensure you don’t lose out.
Insurance allows you to continue running your business, without having to worry about closing. When an accident or disaster does happen, you will be able to continue running your business without loss.
As we mentioned previously, the chances are that your premiums will go up, but this won’t affect your business. Not only does this give you peace of mind, but it also gives your staff peace of mind. These are uncertain financial times for many people and giving your staff the satisfaction of knowing that their jobs are safe is a very good thing.
In many countries and states, business insurance is required by law. This is to protect your staff and your customers from accidents, and also yourself. If you are running a business, then it’s definitely worth doing your research and finding out whether business insurance is required by your government. If you run your business without insurance and it is required, then you could be fined.
You could also be forced to close your business if you continue to operate, despite knowing that insurance is required by your country or state’s government.
In addition to giving employees peace of mind, it also improves your outward appearance and makes you look respectable. Businesses that aren’t covered by insurance can be daunting to deal with, especially for other businesses. By making sure that you are insured, you look like you are above board and are concerned with your appearance.
More than that, you look like you care. Many businesses and collaborators won’t come anywhere near you unless you are insured. Make sure to include on your website and information pages that you are insured, so other businesses and clients can see.
Business insurance is very important. You shouldn’t run your business without it. As this article demonstrates, insurance can protect you against a lot of things. Don’t take a chance.