If you are thinking of starting your own business and are staring to create a business plan, you’ll want to make sure that you include business insurance on your list. Starting a business is time consuming and expensive, but so are business emergencies. Read on for seven reasons your business should have commercial insurance.
1. To Protect Your Employees
If you plan on hiring people for your business, you’ll need to protect them in the event that they become injured while they’re on the clock. No matter what kind of lengths you go to make sure your workplace is safe, you never know where, when, or how a disaster will strike. Another great thing about having workers’ compensation is that it can make prospective employees more willing to accept your job offer.
2. To Protect Your Customers
According to Anthony Clark Insurance Ltd., commercial insurance is also a good way to help keep your customers or clients safe. Should any of the services or products you offer harm anyone, you’ll be glad you have public liability insurance if anyone decides to sue you.
3. To Keep Your Business Assets Safe
You don’t want the business that you’re working so hard to build to be demolished in a swift, well-placed blow. If your business becomes damaged or if someone steals from you, it might be several weeks or even months before you’re back in action.
4. To Keep Your Business Running
Even if you have the money to rebuild your business after a disaster, you’ll still have to remain closed while construction is going on. Every hour that you’re closed is an hour that you’re hemorrhaging money. With business interruption insurance, your business will still be in business while it’s being rebuilt.
5. To Protect Business Vehicles
Delivery businesses or businesses that use cars will want to protect those cars with business auto insurance. Even if your employees drive their own cars, it’s still a good idea to have a non-owned auto liability policy.
6. To Keep Business Data Safe
If you keep anything on a computer or do any business online, a data breach policy will protect you in the event that any of that data is stolen. You may think that your business is too small for hackers to target, but you never know valuable someone else might find your employee records and customer information to be.
7. To Have an Extra Layer of Protection
There might be a time where your regular commercial insurance policies aren’t enough to cover financial damages. When that happens, an umbrella policy could be just the thing you need to keep from dipping into your personal funds.
Talk with an experienced business insurance agent and see which insurance policies will be best for your business.