Why Every Small Business Needs Insurance
You own a small business and are already paying a ton of money to keep your company afloat. You are paying for goods, equipment, advertising, software, technology, taxes, and possibly payroll. But you are bombarded with so many experts telling you to get business insurance on top of everything else.
Purchasing insurance seems like such a risky move. You are buying something that you may never use. But not having insurance is also a risky move. If you need it and do not have it, you could end up in a lot of financial trouble.
A theft or fire could cause lasting financial damage to a business. If you are sued by a customer, you could end up having to pay out tens or even hundreds of thousands of dollars. Could your business survive if any of these situations happened? Most likely, no.
In life, not everything goes as planned. Insurance can protect you from the unexpected. There are many types of business insurance to consider. While you do not necessarily need all of them, you should choose the most beneficial types based on your business structure and industry.
Here are a couple of types of business insurance to consider:
- General liability insurance. This covers financial loss as a result of bodily injury, property damage, medical expenses, libel, slander, defending lawsuits, and judgments.
- Product liability insurance. This coverage protects against financial loss as a result of a defective product that causes injury or bodily harm.
- Professional liability insurance. This coverage protects against financial loss as a result of malpractice, errors, and negligence.
- Commercial property insurance. This coverage protects your business against loss and damage to company property due to a wide variety of events. These include fire, smoke, wind and hailstorms, civil disobedience, and vandalism.
- Business owner’s policy. A business owner’s policy works as an insurance package that combines the most common coverage options into one bundle. This option can save you money.
Think about the risks involved in your business. Then consider these benefits:
- Protection from lawsuits. Business insurance helps cover legal fees, settlements, and court costs if your company is sued. Liability claims can arise from accidents, professional errors, or dissatisfied customers.
- Property and equipment coverage. Commercial property insurance protects your physical assets like buildings, tools, inventory, and equipment from fire, theft, or natural disasters.
- Business continuity. Business interruption insurance compensates for lost income if a disaster forces you to close temporarily. It can help pay rent, salaries, and other expenses until you are back on your feet.
- Professional credibility. Being insured boosts your credibility. It shows clients, investors, and partners that you’re a responsible and trustworthy business. In some industries, having insurance is a requirement to work with certain clients.
Contact Us Today
When you are running a business, anything can happen. An accident or natural disaster can quickly wipe out everything you have worked so hard to achieve.
Protect yourself and get peace of mind with help from Hartman Insurance Agency, Inc. Our Saline, Michigan, team offers many options to protect your business. To learn more about your options, schedule a consultation. Call (734) 999-4190 or fill out the online form.