4 Reasons Why Small Business Insurance Is a Necessary Expense

When you run a small business, it’s common for you to want to track and cut down on every expense. After all, you’re going to measure the overall success of your business on how much profit you earn, and your profit is nothing more than your income minus expenses. But if you’re trying to keep your expenses down by forgoing the small business insurance, you may be doing yourself a huge disservice. All your invested hard work and money could go right down the drain in a matter of minutes if you face a lawsuit with no liability insurance or downtime from a fire without property interruption insurance. Therefore, spend the time to look into a good business insurance policy for your small business and you’ll sleep much better at night.

These four reasons will convince you that business insurance is an expense you’ll want to invest in for your business.

Business Property Insurance

Most small business insurance policies contain business property insurance as part of the package. This will protect your company’s assets in case of loss from fire, electrical surges, embezzlement from employees or anything else that may befall your company or organization.

Disability Insurance

Most business owners are early to rise and late to bed as they struggle to make their ventures as successful as possible. But what would happen if you suddenly suffered a debilitating accident that left you bedridden for months at a time? What if you suffered an injury to your vision or hearing, or worse what if you slipped into a coma following a bad car accident? These are all real possibilities in our hustle-and-bustle world and so disability business insurance just makes sense. Disability insurance will allow you to earn an income in case the accident or illness puts you out of commission and you’re no longer able to operate at the capacity with which you normally run your business.

Business Liability Insurance

A business that rents out those inflatable kid-friendly jumping castles should always carry business liability insurance in case one of the overactive children sprains an ankle or loses a tooth. But if that injured kid’s parents sue the company in question, the company’s assets and the small business owner’s assets are at risk. If the company is a sole proprietorship or partnership, as most businesses in the U.S. tend to be, all assets are on the table and that means it only takes one slip-and-fall for a business owner to face financial ruin. Out of all the small business insurance packages, this is probably the most important policy to carry.

Errors and Omissions

It sounds crude, but our society is very sue-happy. It only takes one spilled coffee or cup of hot chili to bring on a multi-million dollar lawsuit. Most of these high stakes lawsuits happen to big corporations, like the fast food chains and the retail giants. But it’s now becoming more common for small businesses to be hit with multi-million dollar claims. There was the one instance not too long ago of the man who sued a dry cleaners for millions of dollars for losing his special pair of pants. While this may sound like an outrageous case, you never know when you and your company may face a case just as bizarre. You don’t want to be sued for a professional liability. If you have a professional services business, you regularly give advice and you have ten or fewer employees, you’d be smart to get E & O insurance.

These are just four of the various small business policies you can secure for your business. Contact your business insurance representative and purchase a custom-made policy to protect you against the unexpected.

What if you don’t find the small business you want? I know how hard it can be to try and find the exact risk areas with your business that need coverage, but if you want to find out the real areas of risk and truly get insurance that will minimize the risk to the maximum extent possible. Look here.

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