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3 Things You Can’t Have Without Business Insurance

Aside from a majority of states making it illegal for a small business not to have insurance, there are other issues that arise when you don’t have the insurance you need to back you up. Burglaries, lawsuits, business interruption: without small business insurance, you’re vulnerable to all forms of stress and anxiety.

When you’re first starting your business, you might think that going without small business insurance, at least until you’ve made a bit of money, is a fine thing to do. But here’s the thing: small business insurance isn’t that expensive, as you’ll notice when you use CoverHound’s business insurance calculator. For one affordable annual premium, your business is insured for hundreds of thousands of dollars.





Are you still sitting on the fence about small business insurance coverage? Without business insurance, here are three things you just can’t have.

Satisfied customers

If a customer comes to you with a complaint about a product they bought from you, if they slip and fall on your sales floor or their property is damaged on your premises, a small business insurance package will cover the costs of the product’s replacement, will pay for the customer’s medical bills and the replacement or repair of the customer’s property.

This will leave the customer feeling that you don’t just care about their business, but their well-being, too. Without insurance, you will be expected to cover the above expenses yourself, when you can’t, the customer can and will sue.

Financial safety net

The most obvious of the three, without small business insurance, you won’t have a leg to stand on if a client sues your business or your office is burglarized. If you have to pay for equipment replacement or lawsuits out of pocket, your business can easily go bankrupt.

According to courtstatistics.org, the average cost of a small business lawsuit starts at $54,000. Do you have the funds to pay for litigation if you’re sued tomorrow? small business professional liability insurance covers litigation and restitution fees, all you have to pay for is the insurance deductible.

Peace of mind

Remember what it was like in school when you hadn’t prepared enough for a test? Do you remember the stress sweat that would bubble up on your forehead when you sat at your desk trying to answer questions on material you didn’t study?

It was a whole different story when you had taken the time to study for the exam, wasn’t it? You sat calm, cool and collected and wrote out every response swiftly. When the teacher handed it back to you a week later, you knew were going to read the ‘A’ on the front cover of the blue book.

It’s the same thing when you have a business insurance plan. Having a small business policy (and a cyber insurance policy too) is like preparing for that exam; the difference is you’re preparing for and protecting your business in the event of a catastrophe, such as a burglary, cyberattack, client slip or employee negligence. Being prepared doesn’t cost much. What’s your peace of mind worth?

Small business insurance is as necessary to your business as hiring the right employees and offering quality help to your customers. Find an insurance package that works in your budget; use our business insurance calculator today!

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