Every business owner should have insurance. Just like you carry health, home and car insurance, you should always have a policy on your business and yourself. However, many people fail to get insurance and then regret it later. Here are some reasons why you should get business insurance.
1. Liability Insurance In The Case Of A Lawsuit
It is not uncommon for a business to be sued. In fact, you should always be preparing yourself for a lawsuit by thinking ahead of every action and what it could mean legally. However, even if you are preparing yourself, there is still a good chance that you could be sued at some point in time. A lawsuit could completely ruin your company if the amount of money is large and you can't personally afford to pay it. This is why it is best to always carry liability insurance. This will help to pay for the legal expenses in a lawsuit.
2. Disability or Death Insurance
What would you do if something happened to you that rendered you disabled and you could no longer work? If you work for a company as a contracted employee, you generally get disability insurance through them. But if you are a small business owner, you need to have insurance to cover a disability. In addition, if you or a business partner passes away, it could be devastating to the business and your family. This is why you should get a policy that helps to pay off debts, covers you in the case of a disability, and protects you and your partners if the unthinkable should happen.
3. Insurance Over Inventory
If you own your own business there is a good chance that you had put forth a great deal of money and investment in your inventory and your company building. If your store is vandalized or if things break you will be personally responsible to pay for them, unless you have an insurance policy that protects the inventory and the belongings in the store.
In addition, if you are renting a commercial space from a landlord, you may be required to carry insurance to protect the property. The landlord will carry a policy on the building, but their policy won't cover anything of yours, which means you could be in trouble if there is a fire or some kind of disaster where you lose your entire inventory.
These are just three of the many reasons why you should always carry business insurance, such as from Knepper Insurance Group.