Operating a Business Without Comprehensive Insurance – A Huge Risk!
Owning and operating a business of any sort can be tremendously rewarding. Success in business involves risks everyday. Some risks are simply unavoidable, like investing large amounts of capital in a new venture. You do your best to forecast and plan, but in the end, there will always be a certain amount of unavoidable risk. Other business decisions are made to help remove the risk. Investing in small business insurance is one of those decisions.
With so many diverse businesses, the needs of one to another vary the same way. Owning a construction company will likely put you at a greater risk of a lawsuit from an employee that has lost a limb, broken bones, or even the worse case scenario – death. If you are operating with no insurance at all or too little coverage, you could easily lose everything you have worked so hard to obtain. The very same could occur in a seemingly less dangerous work environment like an ice cream shop. Don’t be fooled – the risks are there.
Work hazards are only the beginning. Have you given much thought to offsetting your income during a poor economic period? Have you set aside enough funds to get through them? These are very real possibilities for any small business category. Having the proper insurance will give your business the chance it deserves to make it – to be there when times are good again.
Other very real situations that a small business owner may face each day are property damage, employee dishonesty or theft, unexpected and very costly repairs to equipment, and the cost of litigation – even if its’ frivolous. These are very distinct possibilities that an intelligent business owner simply cannot ignore. The penalties for doing so are disastrous and inevitable.
Your business is you lively-hood. It supports your family and the family of your employees. You already know that some risks are unavoidable, and some can be reduced by thorough investigation, research, or what you have learned from the past. You also know that some can be eliminated altogether simply by choosing the right insurance brokers such as those at Mckenzie Ross to handle your specific needs.
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