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Top Reasons Why You Need Business Insurance

Posted on 27 February 2019 by admin (0)

BusinessRunning a business comes with a lot of risks. An employee could get injured, there might be natural disasters that destroy property, or a client can file a lawsuit alleging a breach of contract. For these reasons, it is very important to protect your assets, be it business or personal.  Businesses such as Fredericksburg Pressure Washing need insurance because it helps to cover a lot of uncertainties.

Here are top reasons to why you should ensure that your business is adequately insured.

 

Provisions of the Law

The requirements of the law are that businesses with employees need to have a particular type of insurance, including workers’ compensation, unemployment disability among other insurance, and all these vary from one state to the other. Failure to carry out legal provisions as required by law may result in fines and penalties. A company may also be excluded from participating in certain tendering processes, or delivery of services.

 

To Keep Business Running

There might be natural disasters such as occurrence of floods and earthquakes. If such happens, your business need to be protected to ensure that it is running even in the case of disaster. When disaster happens you might lose a lot in terms of property, time and money. Having a business insurance plays a big role in ensuring that your insurer pays you income even during the times you are out of business.

 

Credibility

credibilityInsuring your business makes you look credible. A business insurance shows your prospective clients as well as customers that you are safe and credible to do business. If anything goes wrong with your business or your work, it means there is a way for them to get compensation. This is the main reason home insurance companies have the message written, “Licensed, bonded and insured”. Insurance builds trust and it is a modern requirement of doing business.

 

Protecting your Employees

Employees are your most valuable assets, more than your products or services. It pays to protect your employees at all costs. The law requires that you take care of workers’ compensation, but you should also be in charge of other affairs involved in your employees, including their welfare. Protecting your employees’ welfare is a good way to protect yours.

 

Attracting and Retaining Employees

Having a good business insurance is not always about protecting your business, but also creates a positive benefit in attracting and retaining qualified and right employees. Apart from salaries, job seekers also look for other benefits including packages such as health, life, disability allowances, and a long-term care insurance. If your business is not offering these services, you may lose a substantial chunk of business to other rivals.

 

Requirements by Contract

When it comes to contracts, there are several issues that come into play. If you lend or lease facilities in in your business, you may need to have some form of insurance. If you borrow money to finance your buildings or equipment, the agreements in your loan terms may require you have insurance. Client contracts may need you have insurance in the event that things do not go as good as planned. Also when carrying out specific tasks or jobs, you are supposed to have some form of insurance.