Whether your business is big or small, having some level of business insurance will help to protect your company from litigation or loss. Don’t put yourself or your business at risk—reach out to us today to start a new policy or add additional coverage today.
If you need more convincing to add business insurance to your corporate structure, here are a few reasons to get coverage.
Facing litigation can be scary and stressful. Knowing that if you should be on the losing end could mean that you lose everything can add to your complex feelings. Liability insurance can help protect you and your business from going under by helping to alleviate the financial burden a lawsuit can cause.
Business insurance policies can offer several protections against lawsuits, natural disasters, theft, or damage. Your business is your livelihood, and you should do everything to properly protect it.
Once you have employees, you will have to carry worker’s compensation. But you should also consider other types of coverage that is beneficial to your employees. Providing services and protection for your employees can encourage loyalty and attract new employees.
This person might be you, the business owner, or another employee who creates the products or provides most of the services. If you are unsure who this may be, consider the outcome should anything ever happen to this person. The loss of the person would create a major disruption in business productivity or may seriously jeopardize the future of the business.
Owning a business is a lot of hard work and it can intertwine with your personal life. If you were to face litigation and lose, your personal credit score and personal assets can be affected. Business insurance protects more than just the company name.
No matter how careful you are in your business practices, accidents can happen. Without the safety net of business insurance, you are actually increasing the risks of maintaining your business.
Knowing you have coverage under business insurance, will put you at ease should anything ever happen. Protection against litigation, loss, or damage will take away the stress these things can cause.
Business insurance can be a pivotal part in your loan application process. Banks provide loans to individuals they believe will have success in repaying the loan. Should your business go under for some reason, it puts you in a position to default on the loan. Business insurance could help rescue you financially, so it provides peace of mind for the loan officer at the bank. Not having insurance could make you seem like too high of a risk for approval for a loan.
Speak with one of the independent insurance agents at Magruder to discuss the benefits of business insurance coverage and getting yourself enrolled in a policy.