2 Reasons To Have Business Insurance
Posted on: 16 July 2018
As a small business owner, you want to do everything you can to make sure that your business stays afloat. There are all kinds of things that you can do to make sure that happens. One of those things is to get business insurance. What are some reasons that you want to get business insurance?
1. Injured Customers
One reason to get business insurance is because of injuries to your customers. The thing is that this doesn't mean just physical injury. It can also cover things like a financial injury done to one of your customers. If you have a customer who comes to your store, falls down and gets injured, they can sue you for their medical costs as well as the loss of any income and pain and suffering. That settlement could cost you everything, which could cause your entire business to close.
However, with business insurance, that may be covered, and you won't have to come up with the money out of pocket. If your customer has somehow suffered a financial injury, say that they have lost money because of something that your business did, they are going to want their money back, so having the insurance can help to make sure that you are able to have a business after reimbursing your customer.
2. Partner Loss
If you have a partner in your business and something happens to one of you, that can cause a lot of problems. Your business may close, or you may have other significant issues. However, with business insurance, you can set up a policy that will cover you and your partner.
If one of you dies or decides to suddenly leave the partnership, then the insurance will trigger and can help the remaining partner have the money necessary to keep up with the day-to-day chores of running a business and keeping things going the way that it should. That means that you will have the money to make up payroll as well as continue to pay your bills, even if you have to come up with the money to replace that which your partner would have put into the business.
If you are a small business owner, you know that your job is already hard enough. You don't need anything that will make it any harder. Business insurance can help you with that and can help keep your business running when bad things happen.
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