There are several risks a business owner must take into account before the business can open its doors. Is there are a likelihood of employee injury while on the job? Can a natural disaster destroy the business and the property? Is there are a risk of being sued by a dissatisfied customer? These are just some of the questions a business must ask themselves and their trusted insurance broker Pennsylvania.
Why does a business need insurance? Here are the reasons why insurance for a business of any size is considered a must:
Reason #1: The Laws
Ask any insurance broker Pennsylvania based professional and they will all say the same thing: the law dictates that a business with any employees must provide their workers with different types of insurance. Some examples are the workers’ compensation and unemployment or disability insurance. The type of insurance required by the law is different depending on which state the business is located, be sure to consult with a broker for more details.
Reason #2: Preparation for Lawsuits
In cases where a lawsuit or a liability claim is filed against the business, there is a likelihood of the business folding and failing if it does not have insurance. An accident in the office, a recently terminated employee out for revenge, or just pure bad luck and the business can sink. Even those that win the lawsuit can still lose the business because the legal bills that follow are more than enough to bankrupt the establishment.
Reason #3: In Cases Of A Natural Disaster
An earthquake, a wildfire, floods, and any other type of natural disaster can cause significant damage to the property. Without an insurance payout, the chances of rebuilding the business from the ground up are very small. However, if the business insurance covers natural disasters, the business can be up and running in no time.
There are even some insurance plans that cover the days where the business was closed for repairs or renovation to ensure no income is lost, even if the establishment wasn’t running. Business owners do not have to worry about getting back on their feet because the insurance company will cover the cost of rebuilding.
Reason #4: Additional Credibility
No matter what industry you may be in, being insured adds to the credibility of the business. Having business insurance is a great way to show potential clients that you are a good choice because in case something goes wrong with the work, there is a way to pay for compensation.
Encourage trust and loyalty within clients and customers by reassuring them that the business is insured.
Insurance Is Good For Business
Having business insurance is a great way to protect assets, the employees, and is the best way to safeguard the future. There is no way to predict how the market will turn out in the next couple of years and a business insurance is something like a safety net. Whether the business is being sued, there are employee injuries or damages from an accident, the insurance will cover the costs.
Miller Carlisle Insurance Services is a trusted partner of local businesses looking for insurance broker Pennsylvania. We got you covered! Contact us today.