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.
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!