3 Things That Can Happen to Your Business Without Insurance
If you’re a business owner, you may be wondering if you really need business insurance. After all, what’s the worst that can happen? Well, as it turns out, there are plenty of things that you risk by not being fully and properly insured. Following are several factual scenarios that could occur that would be a whole lot easier to deal with if you’re covered with business insurance:
- One of your staff members does an interview with a local magazine and jokes that one of your competitors has been known to do drugs and “party hard”. Your competitor then sues you for defamation. In this situation, if you were properly covered with business insurance, the judgment wouldn’t affect your personal assets. However, if you weren’t insured, then you could find yourself paying your debts out of your own personal bank account or with your own belongings.
- The building that your business operates from is damaged in a very strong and dangerous hurricane. The damage done to your equipment and property keeps your business from operating for three and a half months. You end up losing $175,000 between continuing business expenses and lost profits. If you were covered with business interruption insurance, you wouldn’t lose this incredible amount of money.
- You’ve allowed the parking lot lights to burn out and haven’t gotten around to changing them, even though some employees have commented that they don’t feel safe leaving the building in the evenings. After several months of not having working parking lot lights, one of your employees is mugged on the way to his car. If you’re not sufficiently covered, guess who’s going to be paying for his hospital bills and whatever else he needs while he recuperates?
These are just three things that could happen and cause serious damage to you and your business without business insurance. What are you waiting for? Stop putting off getting business insurance and get some online insurance quotes today.