Why Is Small Business Insurance So Important, You Ask?
Are you obsessed with small business insurance? Do you know all the different types of insurance that you need? Do you constantly keep an eye on the changes in the industry? If the answer to any of these questions is no, then that needs to change. You should be totally addicted! Insurance is more useful to your business than you realise and here’s why.
It Provides Protection
This is the obvious reason to get insurance and learn as much as you can about it. It can provide the financial protection your business desperately needs. Without it, you could face damages in the hundreds of thousands that you will have absolutely no chance of paying. Of course, it’s not just your financial situation that you will be protecting. Getting business insurance can also protect your reputation if you fail to deliver on a promise and need to provide compensation.
It Can be A Contract Requirement
If you are working in the B2B industry, you may find that some business owners require you to have insurance before they’ll consider working with you. As such, if you don’t have business insurance, you could miss out on a lot of great contracts and opportunities. This can be avoided simply by conducting a little research and getting the right coverage.
You Might Face A Lawsuit
The worst could happen. You could face a serious lawsuit. If your actions accidentally injure a member of the public, you will be held legally accountable. They can seek damages against you where the amount you pay out will be determined by the extent of the injury. If they suffered a brain injury, the damages could cripple your business.
It’s The Law
In some cases, it’s just a legal requirement to be insured. If you have employees, you need to make sure that you have employer’s liability insurance with coverage of at least five million. If you don’t your business could be at risk of more than just a claim.
Makes You Look Credible
You might not realise this, but trust can get you a long way in business. Customers and clients don’t want to purchase the services or products of a shady company. They want to use a business that is completely above board, providing them the level of protection they expect from a professional. You may have noticed that some small businesses advertise that they are fully insured. By doing this, they are telling clients they can feel completely relaxed using their services. If you have insurance, you will be able to provide compensation if anything goes wrong. It’s easy to see why the client may find this comforting.
You Can’t Know The Future
One of the reasons why people don’t bother getting full insurance coverage for their business is because it’s a solution that you need for the worst-case scenario. They assume that the worst-case scenario is unlikely to happen. This, isn’t actually true though. Businesses in the UK are being inundated with personal injury claims, and the right insurance coverage can help you deal with the cost of this. Insurance is for a rainy day, but you can’t possibly know when it’s going to start to pour.
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