You never know what the f
uture holds! Although it may seem that your business is doing well, something can ruin your plans and place you back to square one. Although you can collect and analyze data to foresee what may happen, you can’t be too sure.
If there’s anything the global pandemic has taught us, it’s that you can’t feel too confident with the present. As such, it’s crucial to invest in preventive measures to protect your business and your people. Anything can hinder your business’s success—it could be a natural disaster, a client who decides to file suit, or an employee complaining about their contract.
Regardless of the size of your organization or your revenues, you should never neglect your insurance needs! Although you don’t need insurance now, you will regret not investing in insurance the moment you need it.
If you’re still unsure about investing in insurance, the reasons below may convince you:
1. You’re Mandated By Law
Whether or not you want to invest in small business insurance doesn’t matter, as the law requires you to do so. Most states in the country require businesses with employees to purchase workers’ compensation insurance and unemployment and disability, among other business insurance policies.
When you fail to comply with the law, you will have to pay costly fines, face civil or criminal penalties, be excluded from public contracts, and receive “cease and desist” orders. In short, when you don’t have business insurance, you can say goodbye to your dreams of growing your business!
2. A Lawsuit Could Destroy Your Business
No matter how secure you feel, your business could fold at any day—all it takes is one accident or broken contract to ruin everything you worked hard to build. In today’s litigious society, you can’t leave everything up to chance; whether or not you win a lawsuit, you could still go out of business because of the costs of legal defense.
If you don’t want to be overwhelmed by the number of things that could go wrong, we suggest investing in liability insurance for peace of mind. When you have the necessary insurance, you’ll have more time to spend on things that matter rather than worrying about the things that could go wrong.
3. Insurance Keeps Your Business Running
Although you may lose money in the future due to natural disasters or other causes, it doesn’t have to cost you your whole business! Thanks to small business insurance, your organization can survive a serious disaster, protecting you from loss of income.
With the right insurance policy, you won’t lose as much money as you would without insurance, ensuring that you can resume operations after a natural disaster. As long as you make the necessary payments, your business is fully protected!
Conclusion
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No business can function without small business insurance! Although you can run operations while unprotected for a certain amount of time, you can’t expect your organization to survive without a layer of protection. Insurance should be part of your business plan, as it protects you from unforeseen circumstances. When you put insurance in mind, you can safeguard your company’s future!
If you’re looking for small business insurance, we at Quesurance have just what you need! Our insurance agency has served Hopatcong and the surrounding New Jersey communities by protecting the people we work with just like we protect our own family members. Connect with us to learn more!
