Starting a business is an achievement that many people dream of realizing but few even attempt to. Those who do, put their souls and bodies in it, making sacrifices in every aspect of their lives just to see that dream blossom and become true, and that is truly commendable.
However, after establishing their brand, not many business owners take into account what they can do to protect everything from top to bottom. It’s not their fault as most of them probably haven’t had a good explanation of what is a Business Insurance and they simply think of it as an expense instead of an investment.
If you feel related to any of this, then keep reading my friend, and you will understand the true value of having a Business Insurance.
- Protection for your Foundations
While it’s true that insurance is not everyone’s favorite subject due to its small interactivity, it’s as important to understand for all business owners as the declaration of independence for every American.
When it comes to insurance, there are some assets that have a higher importance than others, for example, your physical business and building. If you are on a lease you still need some insurance in case your landlord doesn’t. Even if he does, buildings are under great risk from fire, water, wind, and earthquakes in some cases; the amount of damage each of these disasters can do to buildings can go beyond most insurance policy limits. In that case, your Commercial Building Insurance would kick in and take over.
However, there’s another danger to your business and it’s ironic that your main source of income becomes your bigger risk, and that is your customers. Something as silly as a slip becomes a potential lawsuit if it happens under your business roof. Liability lawsuits are probably what finish most small business companies since not everyone can afford the expenses of legal fees, or not even a good attorney. By having general liability coverage, an attorney is provided by your insurance company and any legal fees are included in the coverage. If your insurance agent did a great job helping you get a quote, then most likely you will also receive coverage for any settlement you have to pay.
Depending on the business you manage you may need some other type of coverage, for example, Commercial Auto Insurance in case your personal vehicle is used for tasks or errands related directly to your business; Workers Compensation is a requirement by the law so if you have at least one person working for you, this needs to be in your policy; Medical Payment Insurance is a well-rounded policy since it provides coverage for everyone involved in an accident in your facilities regardless of legal liability; Commercial Property Insurance for every piece of equipment or tool that you need; Dishonest Employment Insurance if your employees have direct contact with your income before you do (like cashiers for example). Simply put, f you can imagine a situation where you think you can be vulnerable, talk with your agent and make sure he gets you the coverage that you need for your own peace of mind.
- Reap the privilege that insurance provides
Having insurance not only means that your assets will be properly defended under any circumstance, but it also speaks to the public. It says a lot about you as a business owner. It proves to everyone the importance that you give to your assets and thus to everyone related. From customers to potential business partners, everyone will look up to you because that is what your actions are demanding.
Nobody wants to give their money away to someone or something that doesn’t deserve it. With insurance coverage, you’re making the statement that you are not in this business fooling around but that you are going all-in, fully committed. What would you do if you had to jump from a plane? Would you rather do it alone without any knowledge of the sport or have a professional accompany you in your journey? I know I’d prefer to go with someone who knows the ins and outs of the business, so do customers and business partners.
And just like parachuting, starting a small business is a leap of faith, one that many prefer to do accompanied by professionals who don’t leave anything to luck. If you are looking for professional insurance agents, go ahead and take a look.
- The path you choose
These are only but a few benefits of having small business insurance. It takes a great mind to see all possible outcomes of a decision, but it takes a great leader to choose the one that benefits your business the most. Every dollar you take from your budget to put it in another place is an investment, and what better investment than making sure your hard work and dream prevail after any challenge that goes against it.
Remember to choose the protection that fits your needs. Not everyone allows for customization but those who do can are the ones who provide you with better coverage.