Many business owners are of the opinion that having business insurance is not only unnecessary but expensive and a waste of time on top of it. Having such an opinion could very likely carry a very high price tag.
In the following article we will take a look at the most important reasons why you should have business insurance as well as share some incredible tips that may just save you some money.
Insurance against company Liability and Disasters
- Liability insurance – No matter the type of business that you have accidents can happen. Let’s say for instance a customer or employee injures themselves on your property, you as business owner will be held liable for a variety of medical bills that may very well run into thousands of rand’s. On the other hand if you have liability insurance you have nothing to worry about as the insurance will then provide the needed coverage.
- Disaster insurance – Most disasters such as earthquakes, hurricanes and floods are classified as a force of nature and no one can control Mother Nature. There’s no way to tell where or when she will strike such a disaster could be devastating to your business. This is where disaster insurance comes into play, should a disaster strike your insurance policy is you assurance that you will be taken care of. As extra precaution business interruption insurance could also be purchased should you business need to close for repairs this insurance policy will compensate you for any income lost.
Insurance against Theft as well as Litigation
- Theft – Criminals are everywhere, like a hungry lion on the prowl they are looking for an opportunity to burgle. It is always a good idea to have replacement insurance should your business ever fall prey to thieves. Replacement insurance will ensure that your equipment be replaced fully and in a timely fashion.
- Litigation – As a business owner the possibility of being sued is very real. Whether it is due to malpractice, injury or other disputes. There is always a possibility that you could lose the lawsuit in which case you may be ordered to reimburse the offending party a sum that is greater than the capacity of your business. If you have Litigation insurance you will have peace of mind should such a situation ever occur.
If you stop and think about it you wouldn’t hesitate to take out life insurance, health insurance or car insurance to protect yourself, family and your assets so why not get peace of mind and take out business insurance to ensure that you are completely covered. Think of business insurance like a fire extinguisher, you would rather have it and not need it than need it and not have it.
Contact Quotebee today for a free quote.