While the mention of insurance might make many shudder because of how complicated it can be, it has saved many businesses from the prospect of certain ruin. If your business gets sued or has need of specialized coverage, insurance is not something you want to be caught without. We’re going to explore three big reasons insurance can be your company’s best friend.
Insurance policies are not one-size-fits-all. There are many different options out there, and what might be an excellent combination of policies and coverage for one company might not be for another. For example, there are companies that offer insurance coverage specifically geared towards commercial truck drivers and transportation firms. Insurance can also be your company’s best friend in the case of an honest mistake. Everyone makes them every now and again and they are a fact of life. But even a small error at a staffing or accounting firm, for example, can have costly consequences. Having a business liability policy that provides coverage in the case of innocent errors and omissions is a lifesaver and necessary for many types of businesses.
A major purpose of insurance is to rebuild your business in the event of a catastrophic disaster, such as a fire. If your business is located in a known flood plain, for example, investing in flood insurance can pay for itself if your building gets flooded and you end up needing to replace everything. Many plans don’t cover flood insurance, so it’s something that’s easy to be caught without when you really need it. It’s important to be aware of the risks in your area and decide what coverage for your business is necessary.
Whether a case is being brought against your company for personal injury to a customer or a crewmember is filing a worker’s compensation claim, insurance will become your business’s new best friend when it covers some hefty court costs. Of course, a public and embarrassing trail can take other tolls on companies, but the financial burden can sure be lessened by having proper insurance. The attorneys provided by your insurance company might even win you settlement money.
Businesses need to look into their options and find insurance policies that adequately cover their needs. Having the right insurance coverage can be a lifesaver in the event of a disaster, whether that comes in the form of a lawsuit or a hurricane. It’s not worth it to go without.