Whether you’re running a small or large company, you need business insurance, because there are inherent risks involved with owning and operating a company. One way to make sure that you and your business are protected is by having adequate protection.
Here are some key reasons you need business insurance.
It’s the law
According to the Small Business Administration, it’s the law for businesses with employees to provide specific types of coverage such as workers’ compensation, unemployment, and disability.
If you aren’t carrying legally required coverage, you could receive fines, civil or criminal penalties, exclusion from public contracts, and even “cease and desist” orders. All these penalties could cost you more than the price of insurance.
You could find yourself in court
Small Business Trends discusses how disastrous it could be if your company came under fire for a lawsuit or liability claim, and you don’t have insurance. Without liability coverage, the cost of a legal defense could cause you to shut your doors.
Instead of worrying about what could happen, liability insurance can give you peace of mind and allow you to run a successful business. Talking to an independent insurance provider, like Hegarty-Haynes, can give you an idea of the perils associated with not possessing business insurance.
It keeps you up and running
What would happen to your business in the event of a disaster like flooding? Property and casualty insurance handles property loss, but what about the money lost while you rebuild? Insurance providers will direct you toward a business owners’ policy, which which can help your business survive by protecting you against loss of income.
You’ll look credible
You may not have thought of this, but having insurance makes your business look reliable. Business insurance makes prospective clients and customers feel like you’re a safe bet. They’ll know that if anything goes wrong with your work, you’ll have a way to compensate them.
Protect your Employees
Your employees are your most valuable company asset. It pays to protect them like you protect other aspects of your organization. It’s the law to carry workers’ comp, but you should also consider disability coverage, even if your employees pay for a part of the cost. Insurance providers will tell you that protecting your employees’ interests is an excellent way to protect yours.
Helps attract and retain employees
Insurance doesn’t just protect your business during “doom and gloom” scenarios. It has the benefit of attracting and keeping great employees. After salary, job seekers look for benefits packages from potential employers. If you don’t offer things like life, health, disability, and long-term care insurance, you could lose a good employee to another company.
As an independent insurance agent, Hegarty-Haynes Insurance, Inc. continually builds on our relationship with many established companies to negotiate the best insurance policies at competitive rates.
Hegarty-Haynes is large enough to deliver superior quality services while remaining small enough to provide a personal touch. We provide auto, homeowners, renters, life, and business insurance. Contact us today at (480) 820-2297 for a free business owners’ insurance coverage quote.
- Small Business Trends
- Small Business Administration