Running a business can be a risky venture. There is no end to the potential ways in which you could incur a loss. So what do you do when you want to protect your precious capital? The answer might lie in opting for corporate insurance. Why should you get insurance? First, let’s consider the dangers that you’re likely to face.
If you’ve got a meeting in your office, and your client gets injured on your property – they can sue you for every penny you’ve got.
Even if you’re not sued, you’re still likely to have to pay for their medical expenses. And with the way that medical bills are skyrocketing, it’s likely that you’ll have to shell out quite a bit. And it can be very difficult to get a large amount of money ready on such short notice. You wouldn’t have to singlehandedly deal with this problem though, if you were insured.
If you were to be the unfortunate victim of circumstance and your business property were to be destroyed by fire or an accident, you wouldn’t have to worry – you would at least have the safety net of a corporate insurance policy to help you out of muddy waters. Whether it is a building or a vehicle, using insurance can only help your business out. There are other advantages too.
You would be protected against theft. Both your office utilities and your consignments can be effectively protected against theft – which means that if your cargo is in transit or storage but is stolen, you won’t have to suffer the loss acutely. There are also times when you might face legal hurdles; these are definitely the times when you want to have insurance on your side. You could even have to face problems like libel or slander and you would need to make a strong case. You can’t do that if you don’t have enough cash on your side.
Most of the times, you need to have a good financial security net to protect you and your business. Money is generally the primary problem that most businesses have in the face of tragedy. So when you find yourself wondering whether you really need insurance, consider whether you would be able to weather the storm, without the aid of one. You would be much better off paying a specific amount either monthly or annually and then sleeping easier at night, rather than waiting, watching and wondering what would happen should disaster strike. So be wise, and make sure that your business is properly insured.
By John Benson