If there’s a lesson to be learned from the recent pandemic, it’s that it pays to be ready for the worst. However, it has become glaringly obvious that many businesses were not adequately prepared as Yelp data shows that over 163,735 businesses have closed down over the last year.
However, things may be changing sooner rather than later. CNN reports that there’s been an uptick in interest for commercial insurance plans that cover pandemics. This highlights just how important insurance can be, even to businesses. While this is all promising news, the larger issue still stands as many small businesses are either underinsured or lack any form of commercial insurance at all.
Now, if you fall under either of these categories, then we have just the thing for you. Today, we will break down the importance of business insurance by highlighting its four benefits:
1. It Helps Mitigate Property Damage Costs
Accidents can happen at any time, regardless if they’re caused by man or nature. As such, business insurance can help you cover losses and damages to your property. This includes the space where you conduct your business as well as the equipment and inventory that are under your business. One thing you’ll want to take note of here is that coverage may differ depending on how vulnerable your business is to these types of damages. For this reason, it’s best to speak with an insurance company for more information on the specifics regarding coverage.
2. It Minimizes Financial Loses
Being forced to shut down for a day due to unforeseen circumstances can be catastrophic for your operations in the long run. But with business liability insurance, it will soften the blow because it can help cover losses in revenue incurred during stretches where your business cannot operate. What’s great about this is that it also covers daily business expenses, which will save your business a lot of money in case the interruption is prolonged.
Take note that the coverage of this type of commercial insurance varies per industry. The size and scope of a company also affect the limits of this type of insurance.
3. It Protects You from Advertising Liability
The last thing you want is to spend resources on legal battles that revolve around copyright infringement and stolen ideas. However, these can drag on, with the costs adding up quickly. This is why advertising liability insurance can be useful for any company, as it can help cover the legal liability against these types of claims.
4. It Covers Costs Due to Damages
Lawsuits can be quite expensive, and they can sink a company in the case that they are liable for any damages that an individual causes. Having business insurance can help offset these costs, as it covers claims for injuries to other people and your employees. This can be particularly useful for companies that dabble in work that is considered high-risk, as they can help alleviate the costs of treatment for injuries sustained while your employees are on the clock.
Conclusion
Remember that things can go awry at any time, especially when you least expect it. The last thing you want is to get caught flatfooted, as recovering from these occurrences can set your company back and hamper your growth. Instead of looking at this as an expense, look at it as an investment that will help protect your company’s future. Hopefully, this information we have shared above is enough to convince you to invest in commercial insurance!
When it comes to commercial insurance, you can’t go wrong with the Quesurance Group. We offer a wide array of products for different types of situations. If you aren’t satisfied with your current insurance or if you’re looking to purchase insurance for the first time, don’t hesitate to contact us today to see how we can help!
