Why You Need Business Insurance
You get the best resources to support your business: from marketing assistance to sales, customer service to in-house productivity, you’ve invested in the finest team and tools that you can afford. After all, this will ensure your company’s longevity, right?
Wrong.
As it turns out, 20% of businesses fail in their first year and only half actually make it to 5 years. Even after you’ve dotted all the I’s and crossed all the T’s, your business is still bound to hit unforeseen bumps along the way. It’s not a very reassuring thought for startups or aspiring entrepreneurs.
Fortunately, this doesn’t mean that you have to throw in the towel. You can still follow your entrepreneurial dreams – you just need to make sure that they’re protected.
Check out the reasons why you need to get your business insured:
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To get protection from lawsuits.
At the start of your business, it’s almost impossible to imagine getting lawsuits. You’re fired up with passion, you believe in your company, and you trust your clients. You think that everything will be alright so long as you keep hustling and do what you do best.
Unfortunately, this isn’t enough to guarantee that complaints or grievances won’t happen along the way. A client may back out of a longer contract or a partner may file litigation for a bigger claim. When you have insurance, your company, funds, and contracts are protected from such proceedings, plus you’re covered from paying expensive legal fees for defense.
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To brace your company from large losses.
Fire, storm, wind damages, occupational injuries – theses unwarranted things can happen and instantly capsize your business. You want to make sure that everything from your brick-and-mortar establishment, to your devices, and internal properties are covered.
The last thing you want to worry about when disaster hits is money and thanks to business insurance, that’s not a worry you will ever have.
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To take care of your team members.
Your company is a machinery that functions only as well as the people behind it. To make sure that it runs smoothly, you need to take care of your employees – whether you are working with a virtual staff or in-house employees.
Workers’ compensation insurance takes care of medical needs and even offer financial support for a deceased employee’s family. You only hire the best people in your company – it’s only fitting to give them the finest coverage for their service.
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To prepare your company for expansion.
People who think getting an insurance is only for large corporations are thinking too small. Getting an insurance at the early stages of your business is already a step that prepares it for future expansion. Banks and investors favor companies that are insured. It’s a business move that minimizes risks and shows investors the value you put into your company. Getting your company covered early on ensures you get the loans and assistance that you will need.
There’s a myriad of reasons as to why you need to get your business insured. And they all boil down to giving you the peace of mind that all your needs – expected or unforeseen – are taken care of while you focus on reaching your business goals.
Next: Top 3 Most Common Business Myths You Should Ignore
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