Misconceptions of Business Insurance

Misconceptions of Business Insurance

Many business owners, from dentists to court stenographers, ask the same question, “Do I need business insurance?” The answer is always the same, “YES!”

No matter the rationale, no matter the explanation, the bottom line is that every company needs business insurance. But not everybody believes that. Let’s explore these misconceptions in more detail.

Misconception #1

“Nobody will sue me.” This can also sound like, “I don’t make any money, and you can’t squeeze blood from a stone.” Or, any other statement which is a variation of “My business has no assets, and there is nothing for anyone to collect.”

The fact is every business and every person can be sued. Once a judgment is rendered, a persistent attorney can file a judgment lien which does not go away. Assets can be frozen or seized and wages garnished.

Misconception#2

“It’s a corporation, they can’t get me.” Is another misconception that gets repeated time and time again.

The fact is that a corporation protects the officers and owners from actions or damages against the corporation. However, that corporate shield can be pierced or even stripped and a business owner held liable personally. Without doing a case study, the smaller and newer the corporation, the more likely this could happen.

Misconception#3

“If something happens to me, it’s going to get worked out.”

Most businesses don’t survive the death of a principle. Often, the business is dissolved to pay off obligations.

Insure your business and your peace of mind.

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