Protecting the Company: Why Your Business Needs Insurance

Just like you, your business also needs insurance. We get to protect ourselves when we buy insurance for ourselves. In the same way, your business is also protected when you get it insured. So why does your business also need insurance? 

To Be Credible   

Insurance is extremely important if you are dealing with clients and customers on a regular basis. Having an insurance shows your market base that you are fully prepared for whatever may happen while you are running your business. It tells them that you are ready even in difficult times, which in turn makes potential clients and customers want to do business with you.  

To Cover Losses   

If your business unfortunately experiences losses to your property from physical damage such as, but not limited to, fire, theft, or vandalism, your business insurance can cover these losses. Depending on your insurance's coverage, it's protection can also extend to losses obtained from natural calamities like earthquakes and floods. Your business insurance can cover your losses from events that are no longer in your control.  

To Help Keep Your Business Running  

Depending of the type of insurance your business has, your insurance can also pay your bills, payroll, and loss of profits if your business is forced to stop for a period of time due to causes that are covered by the insurance. Getting your business protected means it can still remain operational even if there are hurdles and bumps along the way. It also means you can easily get back up when you are forced to temporarily halt your operations, and you can make sure your business' temporary break remains temporary. Managing a business and maintaining it operational is already hard enough. Keeping track of Certificates of Insurance (COI) is time-consuming and can be tedious, but necessary. A certificate of insurance tracking not only helps run a business smoothly, but also efficiently.

To Protect You Against Lawsuits

Having your business insured does not mean no one will ever file a lawsuit against you. Rather, it means that when there is a lawsuit against you, you and your business will not go bankrupt from having to pay expensive and hefty legal fees in defending yourself. Your insurance can pay for your legal defense and settle claims, while you on the other hand, can continue running your business smoothly and successfully.  

To Compensate Your Employees

If the people working for you die or get injured from job-related causes, your business insurance can make sure they get compensated. The insurance company will provide them with benefits and compensation. As your employees are your greatest asset, protecting them means protecting your business too.  

To Protect Your Vehicles

Your physical assets are not limited to assets found within your property. They extend to the vehicles you use in running your business. A business insurance can also protect the vehicles that carry your employees and that carry your supplies, products, equipment, or other business- related commodities. It can insure your commercial vehicles from damage and collisions.  

To Protect Your Brand

In the event your business, your employees, or your products or services are alleged to have caused bodily injury or property damage to a third party, your business insurance can provide defense and pay damages for you. Depending on the type of business insurance you have, it can also protect you from errors and omissions. This type of business insurance will protect you when you fail to, or improperly render professional services.     

Running a business is not without risks. Risks are unavoidable and many times unpredictable. They are always present, even if uncertain, which is why it always pays to have your business insured and protected.