- PPF Points
- 2,888
As a small business owner, I've discovered the hard way that having the proper insurance coverage to protect your company is essential—not a luxury. I didn't give insurance much thought when I first started my company, but after a few near-misses, I understood how important it is to have the appropriate policies in place.
General liability insurance is the first kind of coverage that any company should think about. This safeguards you in the event that someone is hurt on your land or that you are charged with causing damage to someone else's property. For instance, general liability insurance would pay for medical costs and legal fees in the event that a customer slips on your store's wet floor. This was a huge relief for me when I had a minor accident at my office, and I could rest easy knowing I was covered.
Property insurance is another essential coverage. Property insurance can pay for repairs or replacements in the event that something goes wrong if your company depends on tools, equipment, or physical space. I've had to replace malfunctioning computers in the past, and having property insurance allowed me to avoid paying for such a costly repair out of pocket. It's one of those unnoticed rules that can have a significant impact when unforeseen circumstances arise.
You will require workers' compensation insurance if you have employees. In the event that one of your employees is hurt at work, this covers both medical costs and lost income. At first, I didn't think much of it, but after I understood, I saw that it's not only crucial for the workers; it also shields the company from potential lawsuits resulting from workplace accidents.
Remember to get professional liability insurance. This coverage protects you in the event that a client alleges that your work was poor quality or resulted in them suffering financial loss if your company offers advice or services to clients. When clients weren't satisfied with the outcome, I've used this insurance a few times, and it gave me comfort to know that I wouldn't have to pay for a full-fledged legal battle.
choosing the right insurance for your business isn’t about trying to avoid risks—it’s about ensuring that, when things go wrong, your business can survive and thrive. It might seem like an extra expense, but in the long run, it’s a safety net that can save your business from financial ruin.
General liability insurance is the first kind of coverage that any company should think about. This safeguards you in the event that someone is hurt on your land or that you are charged with causing damage to someone else's property. For instance, general liability insurance would pay for medical costs and legal fees in the event that a customer slips on your store's wet floor. This was a huge relief for me when I had a minor accident at my office, and I could rest easy knowing I was covered.
Property insurance is another essential coverage. Property insurance can pay for repairs or replacements in the event that something goes wrong if your company depends on tools, equipment, or physical space. I've had to replace malfunctioning computers in the past, and having property insurance allowed me to avoid paying for such a costly repair out of pocket. It's one of those unnoticed rules that can have a significant impact when unforeseen circumstances arise.
You will require workers' compensation insurance if you have employees. In the event that one of your employees is hurt at work, this covers both medical costs and lost income. At first, I didn't think much of it, but after I understood, I saw that it's not only crucial for the workers; it also shields the company from potential lawsuits resulting from workplace accidents.
Remember to get professional liability insurance. This coverage protects you in the event that a client alleges that your work was poor quality or resulted in them suffering financial loss if your company offers advice or services to clients. When clients weren't satisfied with the outcome, I've used this insurance a few times, and it gave me comfort to know that I wouldn't have to pay for a full-fledged legal battle.
choosing the right insurance for your business isn’t about trying to avoid risks—it’s about ensuring that, when things go wrong, your business can survive and thrive. It might seem like an extra expense, but in the long run, it’s a safety net that can save your business from financial ruin.
