Simply put, without business insurance you are risking your home, savings, retirement and all your assets without insurance. Paying a monthly premium helps eliminate or greatly reduce that risk.
Putting a business insurance package in place is a lot more than just a strategy to protect your company, and provide peace of mind. It will allow you and your business to remain viable and competitive in the event of an accident or disaster. Many business owners opt for the cheapest premium and minimum coverage while exposing themselves to some pretty high risks. Others still, over pay and over insure their business and no one wants that either.
Avoiding these extremes is simple if you bring in a commercial insurance agent to review and advise you on your business insurance needs.
Paying insurance premiums seems like a burden with no real return at times. The real question here is whether you can afford not to have the protection in place. No one has a crystal ball where they can predict the next natural disaster or accident by you or one of your employees.
Preparation is far better than facing financial ruin form one event such as a hurricane or fire. The overwhelming monetary expense of fighting a lawsuit from an accident or claim against your product or service as well as the mental anguish and stress produced. Would your business be able to survive an event like Hurricane Katrina or the aftermath? The serious and deadly Ice Storm of 1998 that wreaked havoc on northern states for up to 10 days, where many buildings were without power and had water mains and pipes burst. The recent tornadoes and devastation they produced? What about a flood, a fire? Could your business move and reopen at a different location in a reasonable time? Is you liability coverage sufficient to cover a significant claim and allow you to maintain focus on your business? Does your policy have a rider to replace income lost during a rebuilding process?
Work with your commercial agent to find the proper coverage for your situation. Then, at least annually, review the coverage in place and provide your agent with what is new and happening with your business. Make sure to advise them of any expansion plans or new product or service offerings. Give them the information needed to protect your business as it grows.