5 Reasons You Need Business/Commercial Insurance
Running a business can be expensive. Deciding where to allocate your financial resources can be difficult. Between physical equipment, software, office space…it can be a lot. Insurance doesn’t have to be, because insurance should not be something you consider as optional. Here are 5 reasons you need business/commercial insurance when you are running your own business.
- It Is (Most Likely) Required by Law: In most states, business insurance is required by law. Even if it isn’t, it would still safeguard you against financial loss in many instances. In cases like injury on your premises, fire or loss due to damage, or information loss via theft you could be exposed without insurance. So having a policy is a great way to keep you and your business safe.
- It Protects Your Employees: Most states require workers compensation insurance, which would be a component of your business insurance policy. Without it you could be responsible for lost wages, medical care, and even funeral expenses should something happen to an employee while at your place of business.
- Contracts May Require It: A lot of contracts require you to carry insurance to protect the people you work with from being liable, should something occur. For instance, if your business often goes out into facilities to operate then those facilities most likely require you to be insured so they aren’t responsible if someone gets hurt while you are working.
- It Can Help Build Credibility: Investing in insurance tells both prospective clients and potential employees that you take your business seriously. The mere presence of an insurance policy can put all parties at ease when considering doing business with you.
- Natural Disaster Assistance: Flooding, fires, tornadoes, hurricanes…all of them are becoming more and more common these days. No matter where you are located, you are most likely in an area where one or more of these can affect you at any time. The proper insurance coverage can at least help guard against the effects of these disasters.
We could go on and on about the reasons why business insurance is a “need” and not a “want” for businesses. If this information isn’t enough, or if you are ready to get a policy in place to protect your business, contact Street Road Insurance today to talk to an agent and get started.