Millions of people wake up each day going to a job that they either hate or simply don’t care about. They feel trapped, undervalued and underpaid, and they know that the opportunity of advancement is slim to none… More than half of Americans are living this American nightmare every day. In their minds, they know that if they had the opportunity to run their own business and become an entrepreneur, they’d be a lot happier and motivated to work… that’s what they think until they realize all the hard work that goes into running a business.
Now, that’s not saying that running your own business is unbearable but it’s also not roses and rainbows either. Running a business is full of risks… anything could happen. An employee or even the mail delivery guy could set foot on your business property and fall and injure himself… In a situation like that, the injured person could sue for personal damages.
It’s situations like that, that turn people away from the world of entrepreneurship and understandably so but the thing that people fail to understand is that you run your business and survive a situation like that without any cuts or bruises… all you have to do is make sure you have business insurance to protect you in those sticky situations. Take a look at the top reasons why your business needs business insurance.
Adds Credibility to Your Business
As a business owner, an important aspect that you don’t think about too often is the fact that business insurance makes your business look credible. How? It shows your current and potential customers that it’s safe to stick with you. Not only that, but they can feel safe in knowing that if something does happen, they know that you will be able to compensate for the incident.
You Could Have a Lawsuit Filed Against You
We live in a world where people are quick to call their lawyers. If a contract is broken, an employee gets upset, or if an injury occurs, your business could go out of business if you don’t have insurance for any of these instances. Instead of getting caught up in the legalities of this, why not just invest in general liability insurance, at the least, to make sure your business is protected as well as your assets.
It Protects Your Business in Natural Disasters
Have you ever sat and thought about what would happen to your business if a flood or earthquake happens? Probably not… most small business owners know that these instances can happen to their business but they don’t think far enough into it to actually formulate a contingency plan for if it actually does happen.
According to activeco.com, 40% of small businesses never have a full recovery from natural disasters. That means all your equipment, money, and time and effort that you invested in your company is completely wasted. With business insurance, your business has a higher chance of enduring a natural disaster and living to tell about it. Newsgram accounts three-quarters of Americans seeing natural disasters being due to global warming.
Your Employees are Protected
Most people would think that the most valuable asset to a company is the merchandise or products, right? Yes! Without that, what would customers have to buy? That’s where most people get things wrong. The most valuable asset in a business isn’t the merchandise, it’s the employees!
As a business owner, you can’t do it all… you can’t run the business, create the products, sell the products, answer the phones, and greet customers with a friendly, smiling face… your employees do all that for you and because they’re such an integral part of your business, it’s very important to make sure they’re protected in your business insurance policy.
Legally, if you have employees, you have to carry workers comp but you should also look into short or long-term disability coverages as well, just so they can still have some type of income coming in if they’re injured on the job.
You Never Know What the Future Holds
Unless you have a crystal ball sitting in your utility closet or you have the gift of premonitions, no business owner is going to be able to tell what the future will look like for their business. Now that’s not saying that your business’ future is going to be full of calamity but finding business insurance from an experienced business insurance company is going to take some of the stress away when accidents happen.