Starting and running a business is riddled with risks. A natural disaster can leave your building in ruins, an employee can get accidentally injured on the job, or a difficult client can engage your business in a contractual legal battle!
The list of everything that can go wrong while operating a business is endless. Hence, it is important to consider a safety blanket for your valuables and employees because you never know which disaster is waiting to happen. In fact, getting your business insured is a non-negotiable duty. So yes, your company needs business insurance, and here is why! You can also stop by at the Biz Op website, to gain more insight into the topic in question.
The law Demands it
Like it or loathe it, the SBA demands that all businesses with employees provide certain types of insurance depending on the state of the business. These include unemployment, disability, and workers’ compensation. Bypassing this law can earn you and your company a fine, “cease and desist” orders, public contracts restrictions, and civil or criminal penalties. You will agree that it is more financially and legally wise to obey the law than try to evade an insurance policy.
A Lawsuit May be Lurking in the Corner
Today’s business industry is littered with lawsuits and contractual battles. If your business encounters an unfortunate lawsuit or liability claim without insurance backing, it could dissolve or cease to operate. Granted, you may win the suit, but the financial implications can be severe for your company.
Guarantees a Stress-free and Seamless Operation
Running a business is hard work in itself; add inevitable and unforeseen happenstances to the mix, and you’d fall into the eager arms of depression and anxiety. Unexpected events are disorienting and disturbing, throwing your operations into mayhem and leaving your mental and physical health in a fix. However, getting your business insured gives you much-needed peace of mind. It gives you the assurance and confidence you need to make the most of your operations. You become sheltered in the knowledge that no matter what happens, you are covered!
Without a shadow of a doubt, employees are any company’s greatest asset. Without employees, your company may not exist. So, it is only right that you look out for your employees who aid your business’s operations and success. Although you are naturally obligated by law to get workers’ compensation insurance for your employees, it is simply humane to have their best interest at heart. When workplace accidents and injuries occur, the insurance covers medical bills and other associated costs. You can also secure employment practices liability insurance to safeguard your workforce against the obnoxious claws of corporate harassment, abuse, and discrimination.
The Bottom Line
Insurance is an indispensable part of any business; it is an integral part of a Biz Op. It protects your property, assets, and employees against unforeseen circumstances. Also, insurance increases your chances of securing loans and funds for your business. Some banks may not approve a small business loan without proof of insurance. Further to this, small businesses and start-ups are susceptible to internet crimes. Getting a cyber insurance policy can keep internet fraudsters at bay and protect your clients and employee data. Ultimately, whether your business is new or recognized, you need business insurance.