Every business is risky in some way or another. While some businesses are considered more of a risk than others, every business owner needs to carefully consider business insurance for a number of reasons. Perhaps you own a small start up business and don’t feel business insurance is necessary because the company isn’t “big” enough. Or maybe you are confident that your business isn’t risky, and that nothing could go wrong. Having business insurance is a wise decision no matter the situation, let’s look at just three reasons why.
Client Contracts
One major thing you can’t control in your business is your clients. You may have contracts galore and a good income stream lined up but that means nothing if your clients start backing out of their contracts and stop paying you. Business insurance can help cover you should your reliable clients suddenly become very unreliable. In the event of a lawsuit your legal expenses can be covered with business insurance, which can prevent you from losing even more money.
Employee Security
If you have even one employee depending on you and your business, insurance is for you. There are many different kinds of insurance employers can obtain, but legally there are some types of coverage that are required by law, such as worker’s compensation insurance. In addition to coverage for your employees, you may want insurance to cover yourself in the event of an essential employee leaving due to illness, injury, or death. Key person insurance can help cover you while that person recovers or while you find a replacement.
Peace of Mind
Finally, insurance can help give you peace of mind. Running a business is stressful and the unknown can keep business owners up at night. By insuring your company, your employees, and yourself you can rest a little easier knowing you have a safety net.
Whether you want a comprehensive coverage plan, or just the basics, our team at Freedom Insurance is here to help! For assistance obtaining business insurance in Maryland give us at Freedom Insurance a call today. We’d love to help you understand all of the offerings available to you and help you choose the coverage that is right for you and your business.
