5 benefits of getting business insurance

Insurance is something a lot of people overlook, may it be car insurance, property insurance, business insurance and so on. This is because they view insurance as an unnecessary expense. This comes from the thought that nothing bad could ever happen to their assets.

But the thing is, accidents and natural calamities are not predictable and can happen anytime any day. Insurance is more like a safety net, ‘in case’ something does happen. At least you’ll have something to catch your fall when legal and actual damages arise.

There are only 2 things you can bet on in this situation: something happening or nothing. Would you take the chance and leave your assets unprotected? Well, if you’re still not convinced, here’s a list of benefits when getting business insurance:

1.  Protect your business from lawsuits

A single insurance can cover various things, one being, protecting you from lawsuits. Getting sued can leave a huge financial dent in your bank account and can even potentially get your business to close down.

If you’re wondering how you could possibly be sued, well there are actually tons of ways but here are ones that are pretty common:

  • General liability insurance – This coverage will protect you from lawsuits due to an injury that occurred within your premises. An example would be, a little girl accidentally slipping on your store’s wet floors. This covers any medical, hospital or legal expenses.
  • Professional liability insurance – This coverage will protect you from lawsuits due to negligence and errors during a service. An example would be, getting sued for damages due to your negligence during a service.
  • Employee’s compensation insurance – This will cover all medical, hospital or legal expenses from an injury of any staff while at work or during a service. An example would be an employee suing you for an injury they got from a service.

2.  Makes your business more credible

Another way business insurance can benefit your store is by making your establishment seem more credible! This will give your clients and customers a relief that they can depend on your services and products since it’s protected.

Some partners and clients will even ask you to provide proof of insurance, depending on the type of business you’re in. So it’s always a great idea to get your business insured even before getting it officially opened.

3.  Protect your business from accidents and calamities

Another unpredictable and unfortunate thing that could occur to any business is damage from accidents and calamities such as fires, floods, typhoons, hurricanes and so on that can damage your building and products. Getting insurance can keep you financially protected when these do occur.

You’ll have money aside in case anything might happen. This can prevent your business from setbacks or even its demise. The kind of insurance that covers this is commercial property insurance or business personal property insurance in shorter terms BPP. Consider looking more into this with an insurance advisor.

So you don’t have to worry about keeping these things when disasters do happen:

  • Outdoor landscaping such as fences and so on.
  • Computers and other office gadgets that help run the business.
  • Office furniture such as chairs, desks, sofas and so on.
  • Inventory in your warehouse or office.
  • Tools and equipment you need to operate your business.
  • The personal property where your business is located.
  • Account receivable and other important documents

4.    Keep your employees protected

Another thing that comes with business insurance is employee compensation insurance. This kind of insurance is for your employees. Getting them coverage will not only keep them protected but also happy that you have their best interest in mind.

This insurance policy covers any medical, hospital and leisure leave expenses for your employees. To express to them how much you value them and, of course, how much you want to keep them safe, think about getting them the coverage they need.

5.  This can save you money

Without business insurance, your business is exposed to various dangers that can cost so much money in the long run. If you think about it, getting your business insured can actually save you money from unpredictable expenses that can cause major setbacks to any sort of business.

And finding the right insurance for your business will also be a money saver since you’re getting everything your business needs. Consider working with an insurance broker to find you the insurance coverage made for your business!

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