When you start a small business, you have enough to worry about from sourcing funding to hiring staff. So why add the unnecessary stress of living a risky, insurance-free life? Many people starting new businesses have chosen to forgo business insurance in the interest of saving a few pennies but if something goes wrong then it certainly won’t be cost free. Here’s a few examples of times when you’ll be glad you have business insurance.
1. If your property is burgled or damaged
Did you know that companies are four times more likely to get burgled than homes? New businesses can be filled with expensive equipment, technology and inventory and if anything is stolen then it could be expensive to replace. Of course, damage to your business property doesn’t have to be out of malice. Fire, flood or other disasters can create somewhat of a nightmare but if you have the appropriate insurance, you can get help with payroll, bills and lost profit until the misfortune has been resolved.
2. If you have a problem with data or files
The modern day equivalent to a fire in the filing cabinet, having problems with your data can wreak havoc. If you get a virus or important data is compromised then most business insurance will cover the equipment (including servers, computer terminals, screens, and laptops) and media (the physical disks where data is stored). If you do have a total loss of data though, only Electronic Data Processing insurance will help with the cost of getting it back.
3. If an employee gets sick or injured
Obviously no one likes to see their staff injured or ill and besides the natural concern for their health, as a business owner you also have the worry of covering their position while they recover. Business insurance can offer help with the disturbance of being a man down, as well as providing protection to help employees return to work if their injury or illness was work-related.
4. If a visitor gets injured on your property
You could own the safest property in the whole world and you still wouldn’t be able to stop accidents from happening. If potential customers or investors are visiting your business and happen to get hurt while there, then it’s important to have insurance coverage with a general liability policy. This will help to avoid getting stamped with any massive bills in relation to the injury.
5. If a client decides you didn’t hold up your end of the bargain
If you’ve signed a contract with a client, carried out the work and then they say they’re not happy with it, what do you do next? Well if you have business insurance, ‘not worry’ is what you do next. Do everything you can to make sure that the issue is resolved and if it isn’t and the client names you in a lawsuit, you’ll be covered by your insurance.
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