Businesses who employ staff are required by law to provide certain types of insurance, such as workers compensation and unemployment and disability. A failure to do so could see businesses having to fork out thousands of dollars in fines, face civil or criminal penalties and even ‘cease and desist’ orders, any one of which could spell financial ruin and cost far more than an insurance policy ever would.
Businesses have folded over lawsuits or liability claims, and without appropriate insurance, yours could face this, too.
Good insurance coverage can help businesses stay afloat in the wake of natural disasters, and with Business Owners Insurance, your business could survive and even go on to thrive, after a natural disaster has struck.
You may think you’re a safe bet, but nothing shows prospective clients and customers that you are than having business insurance.
All good business owners should know that their employees are their most valuable asset and protecting them with sound insurance, is always going to be a wise investment.
Payments from company-owned life and disability insurance policies can help to cover the loss of income generated in the event of your death or inability to work due to injury or sickness and provides funds for the purchase of your interest under a buy-sell agreement.
Employees are always going to be attracted to a company who takes the effort to protect their staff through various insurance policies, and they are far more likely to stay with that company, too. While most employees find a good salary to be one of the key factors that helped them decide whether they should join a company, or stay with one, they also look for benefits packages that include life, health, disability and long-term care insurance.
As a business, you may need to have insurance if you rent or lease the premises, if you borrow money to finance buildings, equipment or operations, or if you have client contracts that specify you carry insurance in the event of things not going to plan.
Natural disasters, accidents in the workplace or lawsuits from employees are all things that can happen to any business, at any time, and while there is no guarantee that these things will happen, nor is there any guarantee that they won’t.