Why Business Insurance is a Must for Any Small Business
by Arina Smith Insurance 06 July 2018
Business insurance is often made to be a complicated, complex, and messy topic of discussion. From understanding all of the legal lingoes to working out whether it’s worth the price you pay every month, there never seems to be any easy answers to questions about business insurance and, indeed, insurance companies. But, when it comes down to it, if you’re a small business, you’ve got a lot to potentially lose, so business insurance is only a gain for you. We’ve got our answer, and we’ve explained our reasoning here too. So, without further ado, here’s why business insurance is a must for any small business.
Small businesses are projects of passion – value them:
Anyone who is the proud owner and CEO of a small business knows how much passion and love they have for their business. That’s why so much blood, sweat, and tears (and bank loans, sleepless nights, and excessive work hours) go into building a small business. And although they’re fully functioning organizations, they are, by definition, small businesses, so you have a lot to lose pretty fast if something goes drastically wrong.
Business insurance means you are covered for a whole range of problems. Fires, legal issues, being let down by individuals or other organizations, and much more – business insurance covers all of this. It is important that you pick a strong insurance policy so that you get the most out of your money and so that your business is as secure as it could possibly be.
So, if you truly want to value your small business, you should show it by ensuring it. Business insurance covers any drastic event that could wipe out your business faster than you ever thought was possible. If you don’t ensure your business, then you’ve got nothing once it’s gone and you’ll have to start again. So value means investing that bit extra every month in ensuring, right?
Business insurance is attractive for any future, or current, shareholders:
A lot of shareholders will state business insurance as one of their requirements for investing in a business to ensure that their money is always covered if something goes wrong. Consequently, your current shareholders will be thankful for the insurance, and you have also opened your horizons to other investors.
Think of your business as having its own CV: the more impressive it is, the more likely it is to be chosen for investment. So, boost your small business’ CV with business insurance and you will be reaping the rewards by making it even stronger than before.
Business insurance is also a great way of making you as a person more investable as it shows you are smart-thinking and focused on the long-term business goal of success – yet another reason why business insurance is a must for small businesses.
Business insurance protects you from paying any legal fees up front:
Sometimes in the business world, you can end up being taken to court, rightly or wrongly. You’ll obviously need good lawyers on your side, but they don’t come cheap. So, in order to ensure you’re prepared to face any legal challenges, business insurance for your small business can seriously save your bacon. After all, you don’t want to be personally responsible for paying legal fees yourself, but without business insurance, you just might have to.
Make sure you’re prepared to face such things as lawsuits against your business by preparing for them.
As you can see, business insurance is one of the best services your business can use and subscribe to. It’s great for protection and for making your business investable, as well as that bit more professional. Show you’re serious and thinking ‘big picture’ by investing in a quality business insurance programme which covers all of your needs.
We hope you agree with us why business insurance is a must for any small business now, and if you are, we recommend paying for a policy that allows you to protect yourself, your business property, the business’ finance and also your business’ employees (if you have any).
Good luck with your small business and your insurance.