Best Insurance Group, LLC Blog
There will always be risks in running a business. There is a possibility that an employee could have an accident on the job. A natural disaster could damage your property, or a client could file for damages. The most important thing to you as a business owner is to protect your business. Here are four reasons why you need to insure your small business.
Compliance With the Law
Federal law requires all businesses with employees to make it a point that all workers will have insurance. They should have the workers' compensation insurance as well as unemployment and disability insurance. If your company fails to provide its employees with legal coverage, you should be ready to face civil or criminal charges as well as hefty fines.
Avoidance of Lawsuits
In case there’s a liability claim, your business could take a halt if there’s no insurance. Thus, a single accident with a disgruntled employee could cause the entire business to shut down. Moreover, even if you win the lawsuit, you could still go bankrupt because of the high costs of your attorney. Liability insurance can save you and give you peace.
Uninterrupted Business Operations
In case there’s a natural disaster, your small business won’t be able to operate anymore without insurance. Indeed, P&C insurance can take care of the destroyed building and the damaged equipment. However, business insurance takes care of your losses when your business undergoes an interruption. Also, business insurance may take care of your employees’ salaries for the next 12 months.
Protects and Keeps Your Employees
Your most valuable asset is your employees, not your products or services. It pays to protect your employees so that you can protect your business against potential liability claims or serious lawsuits. Also, if you have business insurance, you may be able to find more employees who are looking for benefits packages. If your company doesn’t have insurance, your employees may leave your company and transfer to one with such perks.
Some Final Words
Having business insurance makes you and your company look credible. In fact, business insurance shows your employees and clients that you’re serious about the business. Moreover, having business insurance builds trust as you continually show everyone how much you care about your employees and customers. Without insurance, you can’t go far with your small business.
At Best Insurance Group, LLC, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (970) 674-5000. You can also request a free quote by CLICKING HERE.