Business Insurance - How Important Is Being Protected?
The reasons why a company should have business insurance are numerous. Protecting against damages caused by fires, floods and even earthquakes is vital if you want to be prepared for anything. Paying for repairs on your own can completely bankrupt a business and leave them unable to stay open any longer. You also need to be protected from individuals who may make the decision to sue your business for whatever reason.
A lawsuit is inevitable if a person has any reason what so ever to hold your business responsible for an injury received. Even hosted public events can turn into a disaster that ends in a law suit. There is no way to ensure the event will go off with any problems, but even a standard insurance policy can provide you with enough coverage to protect yourself from significant financial damage.
There are a lot of different things that can happen during the course of a day. This can range from a personal injury all the way to property damage of some sort. Even damages to vehicles in your parking lot can quickly turn into a real problem if someone wants to push the issue hard enough.
A slip and fall could leave you holding the bag on a tremendous amount of medical bills and without insurance to cover this you would be responsible for all of it out of your own pocket. Surprisingly, there are a lot of people out there that practically make a living by suing businesses for bogus slip and fall claims. If you have a good policy and get a lawyer you can tread these rough waters without any ill effects if one of those people happens to cross your path.
Even a single accident can financially ruin a business that has been around for years without protection. A severe claim can completely force a business to close it's doors for good.
Even employee theft is a real risk these days if you are without business insurance. Even though you try to only employee honest people, sometimes things go wrong and of course you will want to be prepared.
Insurance can offer various levels of protection to a business against a wide range of unexpected events. It is not wise to risk conducting business without any protection at all and obviously each business will have it's own individual set of risks to take into consideration.