Start-ups and small businesses frequently operate on a limited budget. Because of this, it could be tempting to avoid purchasing insurance that isn’t mandated by the law. In fact, according to a poll of 30,000 business owners by Next Insurance, 44% of the companies answering had never had any kind of insurance. Unfortunately, taking on such a risk could end up costing your company far more than the regular rates. Small companies frequently face risks and would be better off having insurance than not. Here are some strong arguments for why small business insurance is crucial.
Required
Your business may not be covered by a landlord’s insurance if you are renting the location where you conduct business. In this circumstance, having insurance is advantageous in case something were to happen. Another circumstance to take into account is if you are borrowing money to finance something because the loan agreement you sign probably requires evidence of a particular kind of insurance.
Maintain and Protect Employees
Your staff needs to be one of your top priorities as a small business owner. It makes sense to cover your employees with liability insurance. Not only will it increase their sense of security at your company, but it can also save them from losing their jobs in the event of a lawsuit.
Being Sued Prevention
If you are sued or find yourself in a legal battle without liability insurance, your business can shut down very quickly. This is accurate even if you win the lawsuit since legal fees can be very pricey. Being sued can cost you a lot of money, and it will all come directly out of your business, whether it is because of a contract gone wrong or because you are being sued by an ex-employee.
Are you looking for a trusted small business insurance provider in Spring, TX? Call MY Health Insurance today at (281) 751-6722.