Business is unpredictable. Though you can make sure your business is a solid, reliable one, there are some things you just can't plan for. Fires, floods, and lawsuits could all leave you stalled without income and a lot of expenses. But there's a way to protect yourself from that: insurance. Insurance is often the best investment you can make for your small business, as it protects you against the unexpected.
A Single Disaster Could Leave You Vulnerable
Disasters leave you vulnerable. Many disasters are going to require an influx of cash to resolve. Because of this, you could find yourself without the money you need for your operating expenses. Very quickly, you could find that you need to acquire loans or push your investors.
If you can't find the financing, your business may have to close its doors and wait until you can. During that time, you're going to be losing both reputation and business. And again, this isn't something that you can plan ahead for - disasters do happen.
Business Insurance Can Help
Depending on your industry and your business, there are different types of insurance that may be most useful for you. These insurance policies can be mixed and matched with different coverage levels depending on your risk.
Commercial Auto Insurance
If you have employees who travel or company cars, it's very important to have automobile insurance. Commercial auto insurance protects you from both property damage and physical damage in the event that your employees get into an accident.
Property and Liability Insurance
What happens if someone gets injured on your property? Your business could be held liable, especially if you're considered to be negligent. Whether they trip on a rug or a machine malfunctions, property and liability insurance will protect you from potential injury lawsuits, in addition to any damage to your property itself.
Cyber insurance is becoming more popular. Many businesses rely on their computer systems for their day-to-day operations. Cyber-attacks can happen at any time, leaving a business unable to continue. Cyber insurance covers the costs associated with not being able to do business, in addition to the costs of repairing the damage.
Professional Liability Insurance
Everyone makes mistakes. But what if you're a professional and you accidentally give your client the wrong advice? They could file a lawsuit against you. Professional liability insurance, also known as errors and omissions insurance, is designed to protect against these well-meaning mistakes.
Employee and Hiring Insurance
What happens if a manager of yours makes a discriminatory hiring decision? Even if you weren't aware of this, you will now have to go through a costly lawsuit or put up a costly settlement, either of which could be damaging. Employee and hiring insurance is designed specifically to protect against this type of litigation.
Workers Compensation Insurance
Workers compensation insurance is not optional. It's necessary to protect businesses from the costs of an employee getting injured on the business and makes it easier for employees to get their medical care paid for. An insurance agent can help you figure out what your requirements are.
Mixing and matching insurance means you only ever have to pay for the insurance that you need. You aren't going to have to pay exorbitant amounts to get your business insured. You can work with an agent to reduce costs while still protecting yourself.
A fire may not happen. A flood may not happen. But something will eventually happen to your business that's going to cost you a lot of time and money to resolve. If you want to protect yourself, it's time to look into some insurance policies. For more information, contact Sachs Walsh Insurance today.