Running your own company comes with many risks, which is why it is essential to protect it and yourself with business insurance.
Regardless of the kind of business you run, there are many inherent risks. For example, one of your employees could get hurt while they’re working, a displeased customer could file a suit, or a natural disaster could wipe out your property. For these reasons and many others, it is essential to protect the business, your assets, and yourself. One of the best ways you can do that is to ensure you and your business are insured.
Continue reading to learn why it is crucial to protect your business with insurance.
5 Reasons Why You Need Business Insurance
- The Law Requires It — For most states, the law requires a particular type of insurance on all businesses. In Utah, business insurance isn’t needed except for workers’ compensation. Employers and business owners must carry coverage for every one of their employees. Failure to do so may result in fines and other costly penalties.
- Your Company Could Get Sued — Unfortunately, we live in a litigious time. If there is a lawsuit against you and you have no insurance, it could be the end of your business. One accident, one disgruntled staff member, or one broken contract could cause your business to fold. Even if you were to win the lawsuit, you could go broke, paying legal fees. Rather than deal with that, it’s best to have liability coverage, giving you peace of mind.
- Insurance Keeps the Train Moving — If a natural disaster were to strike, such as a flood or earthquake, P & C insurance coverage can cover the loss of property, including equipment and buildings. Moreover, Business Owners Insurance (BOP) can help you survive a serious disaster by protecting your business against the loss of income during this time.
- Business Insurance Protects Your Staff — One of the most valuable assets you have as a business owner is your team of employees. Protecting your staff in the event of an accident is essential. Ways you can protect your staff include having workers’ comp, disability coverage, and more.
- The Future is Unpredictable — If your crystal ball isn’t working — ours isn’t either — it’s hard to know what the future holds exactly. It would be amazing to know when a natural disaster will hit, or when an employee gets injured, or a lawsuit was coming down the pike beforehand, but that is not the reality. There is no guarantee that these unfortunate things won’t occur, so being prepared is your best defense.
Need Business Insurance? Contact Bear River Mutual Insurance
Business insurance protects your company from inherent risks and provides coverage for assets and both physical and intellectual property. If you need insurance for your business but aren’t sure where to start, contact our Bear River Mutual Insurance experts. Our team of professionals will help you find the best policy for your specific needs. Contact us to get your free quote today. We have three convenient locations in Utah to serve you better: Salt Lake City, Orem, and Provo.