Why Your Small Business Needs Insurance

​Startups and small businesses frequently operate on a limited budget. Because of this, it could be tempting to forgo purchasing insurance that isn't mandated by the law. 44% of answering businesses in a poll of 30,000 entrepreneurs by Next Insurance reported never having any insurance.

Regrettably, such a risk can cost your company much more than the monthly bills. According to Jamie Dokovna of Becker & Poliakoff, the best action is not to buy insurance just because it is not legally necessary. 

For instance, according to insurance carrier Insureon, the average cost to resolve a future lawsuit is up to $20,000 if a customer slips and falls on your premises and sustains injuries. Here are some of the reasons why a business owner like you should get insurance for your company.

1. Disasters and Vandalism
   If a natural disaster strikes and your company is uninsured, it could be destroyed without financial support for replacements or repairs. Property insurance is a must, regardless of the nature of the natural disaster.
   
   Any firm should carry this form of insurance, but small businesses, in particular, should because they often lack the resources to replace lost assets entirely.
   
   The fact that property insurance also covers theft, fire, and vandalism is an advantage.
   
   
2. Employee Protection And Insurance
   Your staff should be one of your top priorities as a business owner. Insurance coverage is a reasonable choice for employee protection. Not only will it increase their sense of security at your company, but it can also save them from losing their jobs in case of a lawsuit.
   
   You should also think about how insurance can help you recruit new personnel. A benefit of the job is having insurance, especially if you provide health or dental coverage.
   
   This will enable you to grow your team and motivate your staff to put in more effort.
   
   
3. It Might Be Necessary
   A landlord's insurance may not cover your business if you rent the location where you conduct business. In this circumstance, having insurance is advantageous in case the worst occurs.

Conclusion
Another circumstance to consider is when you are seeking funding to finance since the loan you sign probably requires proof of a particular kind of insurance.

Lastly, specific contracts with customers can call for insurance if something goes wrong.

At Auto Express Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (832) 232-4655. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!