Learn the Top 10 Reasons Why Your Business Needs Insurance

4. Establishes your authority

Here’s one you might not have considered: The presence of insurance increases consumer confidence in your company.

Insuring your company sends a message to potential clients and customers that you take their business seriously and want to avoid financial disaster. The client has a safety net in place in case something goes wrong with the service you execute for them.

That’s why you’ll always see the words “licensed, bonded, and insured” on the vehicles and signs of businesses that provide services to homeowners. Establishing this level of confidence is essential in today’s globalized market.

5. Maintains the Safety of Your Staff

Not the goods and services you provide, not the machinery you carefully maintain, not even the name you labored so hard to establish are your most valuable possessions. Indeed, your employees are your most important asset, so it’s in your best interest to take precautions to keep them safe on the job.

Although it is obligatory to carry workers’ comp, you should also think about providing disability coverage, even if employees have to contribute to the premiums. By the way, if you take care of your employees’ best interests, you’ll be able to defend yourself from any liability claims or lawsuits that might be filed against you.

6. Covers Natural Disasters

For insurance purposes, “Act of God” refers to any calamity or disaster that was not brought about by human agency. Lightning-sparked fires, floods, and tornadoes all fit the bill. Such losses can be covered by either all-risk or peril-specific property and casualty insurance.

When it comes to insurance, all-risk policies will cover everything, save the things that are specifically excluded. Specific peril insurance products protect against things like fire, water, and other named perils.