Business insurance is something most company owners take out when they start trading. I say “most” because not everyone has insurance, believe it or not. Some entrepreneurs feel that insurance is a pointless expense. They believe it’s something they will never need, especially if they are self-employed.
The truth is, all enterprises should have business insurance. And it can get you out of bad situations. Here are ten compelling reasons why your business needs it:
You can get policies bespoke to your business
Most business insurance products aren’t a “one size fits all” solution. In fact, the majority can get tailored to the needs of an individual company. Bespoke policies ensure you have the right protection and at a lower cost too.
Your region may demand you have an insurance policy
Even if you’re a sole trader, did you know that your region could mandate that you get insurance? Each has different policies and mandates, of course. But, you could be on the wrong side of the law if you don’t have a valid policy in place.
It’s easy to find a competitive quote
You might think that all business insurance policies are the same. And that might have put you off getting one. But, the truth is you can compare several quotes. Each insurer offers different risk analysis profiles. In other words, some companies might charge you less if they think you are a lower risk.
It protects you from getting sued
Some firms get sued for personal injuries, according to Neufeld, Kleinberg & Pinkiert, PA. Workplace injuries can happen without warning and have a severe impact on those involved. As a result, they can incur large medical costs. Liability insurance can take care of any such claims on your behalf.
Home insurance doesn’t apply to businesses
Do you run your enterprise from home? You might not know it, but your home insurance won’t cover your business! Having a specific business insurance policy is crucial.
Insurance can help you keep your business going if you can’t
If you become injured and are unable to work for a while, what happens to your business? And how will you earn more? You can get business continuity insurance to help you financially.
Your policy can even cover your business in natural disasters
Tornadoes, earthquakes, and tsunamis. They are just three of many natural disasters that could threaten your business. If such a disaster occurred, business interruption insurance can be there to help you.
Insurance is a legitimate business expense
Looking for ways to cut your corporate tax bills down? Business insurance is a legitimate way of being down those costs. That’s because it gets deemed as a business expense.
It’s like having a lawyer at your disposal
Many insurance policies offer legal advice services. That means you can talk to a lawyer about any issues that might affect your business in some way.
Business insurance can increase consumer confidence
Let’s say you run a removal company. Your customers are more likely to use you if they know their goods get covered by your insurance policy.