Anyone that works within the legal community can tell you that we live in a very litigious society. Someone is always filing some claim against both individuals and businesses. Avoiding legal problems like liability claims can be difficult if your business is uninsured. Business insurance can help to keep your business out of the legal system, but there are other reasons you should have business insurance.
Business insurance can protect your business against many threats that could put you out of business. For example, 60% of small businesses go out of business six months after a cyber-attack. If those businesses had a cyber insurance rider on their business insurance policy, they might still be in business today.
Business insurance has evolved to cover the risks that today’s business owners face, including cyber-attacks. Considering that medium to large-size businesses use 300-400 cloud apps daily, you can see why this type of business insurance is highly relevant. No matter how secure your network is, there is also a risk.
Ensuring that your business is protected from the threats that you can see and those you can’t see is essential to the survival of your business. Investing in a comprehensive insurance policy is one of your best safety nets.
Natural disasters are on the rise. If your business stops because of damage from a natural disaster, you can continue if you have insurance. Without insurance, you may have to close your doors. Theft, fire, and natural disasters are all physical threats to your business. Business insurance protects you against total losses in the case of theft, fire, natural disasters, and vandalism.
If you do not have a recovery plan that includes business insurance, you are not fully protecting your business. Every business needs the financial safety net that business insurance provides.
There is a wide range of legal problems any business owner can come up against. There are many risks, from slip and fall accidents on your business property to accusations of malpractice. Insurance for your business can help you navigate many different legal problems. Being insured is not only about having the insurance company cover financial obligations. An insurance company has a wealth of information about legal matters like personal injury in the workplace.
What if an employee is hurt? Could you cover the lost wages? For an employee to tap into personal injury protection coverage, a doctor must sign off on the employee being out of work for 14 days. Your insurance company would know that, but you, as an employer, may not. The insurance company would also cover the lost wages after those 14 days.
If you own a spa business or a hair salon, you may not be aware, but you can be sued for malpractice. Without the right insurance, you may be legally obligated to pay out of pocket for any damages if the court finds your business responsible. The insurance company will fight on your behalf.
Consumers prefer to do business with businesses that are insured. Being insured lends legitimacy to your business and sends the right signal about your business. It can also instill confidence in your business to lenders.
You must protect your business. Learn more about your insurance options. Consult with a business insurance agent today.