Priority Insurance LLC Blog
Despite having difficulties in financial terms such as a decrease in revenues, small businesses should still prioritize insurance needs. Those that are underinsured or lack adequate and appropriate coverage are taking significant risks, which could lead to bankruptcy. The reasons below might help you understand why insurance is a business necessity.
Several tropical storms and typhoons ravaged Houston, New Orleans, Galveston, and other areas that were severely affected. Countless small businesses were either underinsured or had no insurance for natural disasters on their names. Flooding and hurricanes got them severely hurt, not to mention penniless. Most of the owners were not aware that insurance did not cover their companies or decided not to include coverage for storm damage due to financial instability.
You Could Get Sued
Our litigious society can cause the possibility of your business closing down in the circumstances of a liability claim or a lawsuit without the appropriate insurance premium. It can either be accidents, disgruntled employees, or a broken contract, and you can say goodbye to the company. In the event of winning the suit, you could still go out of business due to how much the legal defense costs.
Instead of dwelling on future events, you can start investing in liability insurance for your business. Not only does it give you peace of mind, but it also allows you to focus on essential matters, such as the best strategy to make a business grow.
Protects Your Employees
As much as you take pride in the services and products you offer to your customers, the equipment you regularly maintain, and running brands you’ve struggled to build for years, they are still not the most valuable assets – it’s your employees. Protecting them in case of accidents will eventually pay off.
The law may require you to include workers’ compensation insurance, but offering disability coverage to your employees is also promising – even if they are deducted a charge for a portion of the expense. Additionally, by protecting the interest of your employees, you also protect yourself against liability claims or lawsuits.
It’s the Law
According to the Small Business Association (SBA), businesses with employees are required by the law to provide specific insurance premiums, namely unemployment, workers’ compensation, and disability. However, it may still depend on your business’ location and which state it resides.
No matter how much care and discipline you instill on your business policies, there are still situations you can’t stop from happening. Protect your business by purchasing the appropriate insurance plan.
At Priority Insurance LLC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (864) 297-9744 or Click Here to request a free quote.