You’ve finally set up your business, things are going swimmingly. You maybe run a delivery company and have a couple of big orders. Next thing you know, one of your staff is in an accident that isn’t their fault, you need to call specialist truck accident injury lawyers, and you remember the day that you forgot to get the insurance. Nightmare. Now, your once new and prosperous business is drowning in debt and folding.
Sound like fun? Probably not. So how about we take a look at a few more reasons that you really should be making sure that you have business insurance that covers you adequately.
First and foremost is it the law. You should by law make sure that you have the correct insurance to cover your business. Including but not limited to your workers, materials, anything inside your place of work and if you happen to have customers coming and going – them too.
Like in the very first paragraph, you could potentially get sued. In the event of a liability claim or a lawsuit, without the insurance to see you through and cover expenses and a bit extra your company will likely fold. Even if you will, without the coverage you might go deeply into debt due to the cost of the legal defence required.
It isn’t just about you. You have employees to consider too. The people you hire are your responsibility while they are under the roof of your business and you should ensure that they are protected. In the event of an accident, it is more likely than ever that an employee would seek to sue the employer. By having that insurance, you are covering you – and them.
It makes you look credible because you have a way to compensate people should anything go wrong. Many home services will use the terms ‘bonded, licensed and insured’ so you’re way more likely to hire a company that comes with those guarantees. Having a credible looking business means you more like to gain more business – which can only be a good thing.
Some large contracts will require that you have the correct insurances to hold their products. If you rent or lease your business facility, then you may need to get insurance because your landlord may not. If you are a lending service of any kind, you will need to protect your assets with an insurance policy. If you are a relatively new company you may have to display that should anything go wrong you have the assets (insurance in this case) to cover any losses they may endure.
You simply don’t have a crystal ball. While it would be rather fantastic to know for sure that Sandra won’t fall down the bottom step and break her ankle, or that Bob wouldn’t drop 6 months work of stock – you can’t know that for sure. Insurance does what it says on the tin – it ensures that should the worst happen, you’re never out of pocket.