Blog Post
Should you have business insurance?
A company faces multiple risks daily, so investing in business insurance should be at the top of your priority list.
It helps protect financial assets and intellectual and physical property from lawsuits, property damage, theft, vandalism, loss of income, employee injuries, and illnesses.
There are different types, including commercial liability, commercial property, commercial auto, and workers' compensation. Choosing the right one for your case is essential; hence, before committing to business insurance, you should consider your company's industry, size, location, and number of employees.
Your organization's needs should be reviewed and assessed regularly to establish what needs coverage. However, liability (which protects you from bodily injury, property damage, advertising injury, errors or omissions, etc.) and property (which covers fires, storms, theft, etc.) insurance should never be missing, but also workers' compensation insurance if you have employees. It generally includes medical care, missed wages, and even funeral benefits. In this context, it should be noted that business insurance can result in more appealing to employees, who might be more motivated to join or remain with your company.
In some states, business insurance is mandatory, especially for small businesses. But even if it is not, having it is still your best bet. Scenarios such as a flood that can damage your systems, a lawsuit from an unsatisfied customer, or, again, a data breach in which clients' personal information is stolen are more common than one might think. Hence, you should prepare in advance to face such challenges.
A business covered by insurance shows customers and contractors that managing risk is a priority, enhancing your credibility. In addition, it can give you peace of mind, as you can reduce your business risks and provide coverage and solutions for situations you can't control.
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