Would you have business insurance if it wasn’t a legal necessity? Most people would likely say, “No way, I wouldn’t go near it.” Nobody likes paying for things like insurance until the day comes when they need help.
Hopefully, you’ll start to feel a little better when your payments are due. Don’t waste time worrying about your expenses. Instead, think about how you can make more. Let’s discuss why insurance could save your career/business from going under.
1. The Client Might Sue
Children dream of becoming doctors to help save lives. Who doesn’t want to make the world a better place? Sadly, it’s not all unicorns and rainbows. A patient may sue a doctor if they make a mistake.
Professionals face the same thing in many different industries, which is why professional E&O insurance is crucial. It doesn’t matter if you’re great at your job. You can’t prevent 100% of accidents from taking place.
2. It’s more credible to look at
Homes are the most expensive purchase people will ever make, so they’re careful about who gets to work on them. If someone has a problem with their heating system, they’ll want someone with HVAC business insurance.
Customers won’t just be worried about something going wrong. If you don’t have the right insurance, you won’t seem credible. Without credibility, you’ll lose most of your potential customers before they even speak to you.
3. Disability and Death
It’s easy to feel invincible if you’ve never suffered from serious health problems. What will you do if you can’t work because you’re ill? In addition, insurance may help you and your family prevent the company from going under.
You can also get key person insurance to help you if your employees are killed or disabled. Unless you own a large company, it’s unlikely you’ll have more than one person capable of carrying out every task.
4. Attracting top employees
Good employees who know their worth might decide to leave if you don’t offer attractive benefits packages. Not only is it expensive to train new employees, but it’s frustrating when you don’t want to lose your old ones.
Future employees will also be attracted by insurance. I know lots of people are looking for a job right now, but it’s hard to get the best talent. Your profits can rocket if you bring in valuable people.
5. The Next Global Pandemic
Covid has shown everyone it’s impossible to predict what will happen next. Is there another pandemic? Probably not for 100 years, but it’s going to happen at some point in the future.
Each year the number of floods, tornados, and hurricanes seems to get worse. Your business could be affected if your home is in an unsafe area. You’ve also got to worry about more common things like fires and burglars.
Don’t Worry About Your Next Payment
I know it would be nice if you could pocket your next insurance payment, but at least you’ll always have peace of mind going forwards.
The post 5 Reasons Why Business Insurance Is An Essential You Can’t Live Without appeared first on Entrepreneurship Life.