Finance & Lifestyle

Why You Need Insurance To Protect Your Business

November 9, 2020 | Ad Disclosure
Wiser Finances

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Why You Need Insurance To Protect Your Business

Let’s face it. You’ve worked incredibly hard on your business. You need to protect your hard earned work from life’s mishaps.

It only takes one problem to potentially bankrupt your business. In this article we are going to go over how not having business insurance could ruin what you’ve built.

Lawsuits

Did you know your business can be sued by essentially anyone? Filing a lawsuit does not require any wrongdoing. It does however, require that you defend yourself. You can lose hundreds of thousands of dollars defending yourself against a lawsuit.

This is a very real issue. I personally had one friend who lost $50,000 defending his business in a lawsuit that he won. Malicious customers or clients can tie you up in lawsuits just to damage you financially.

There are also stories of people that will go to businesses and injury themselves on the property just to sue the business. Or suing the business due to not being handicap accessible or other loopholes.

More reasons your business can be sued:

  • Your companies advertising
  • Injuries from your product or service
  • Injuries at your place of business
  • Customer service errors
  • Your employees attack your customer verbally or otherwise
  • Your employee’s sue you for a variety of reasons
  • Or just any reason at all.

At the end of the day, no matter how great of a business owner you are, there are endless ways someone can sue you.

Damages To Your Business

Business insurance can also help cover damages to your business assets. Damages to physical property by customers and employees. Other forms of damage may include theft, your website being hacked, other reasons for loss of income.

There is no good reason you should not have insurance for your business. The possibility of loss is extremely high. One wrong lawsuit can ruin your business temporarily or permanently.

Take the time to get a quote on business insurance. We recommend CoverWallet, they offer comprehensive forms of business insurance that fit all size of companies. It only takes a few minutes to fill out and could save you from future disaster.

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