Your business is literally your money-maker. As a business owner, one of the biggest responsibilities you have is to protect your business. Making sure you have adequate insurance coverage is one of the things you can do to protect it. But do you have enough? There are some pretty compelling reasons why you might need more than you’re currently carrying.
Prevent Harm From Lawsuits
It’s no secret that American society tends to be pretty litigious. Given the level of liability that businesses face regarding the safety of those on their premises, it makes sense to carry insurance that protects from lawsuit-related costs. Lawsuits can cost businesses no small amount of money. This can put businesses in financially precarious situations that could otherwise be prevented by carrying the proper insurance.
Your responsibilities as a business owner go beyond just protecting your business. You also owe it to your employees to protect them and provide them with a safe working environment. Of course, even the best risk management fails from time to time, so it’s important to make sure you carry adequate levels of workers’ compensation insurance. In fact, you may not have a choice in the matter. Most states require you to buy workers’ compensation insurance. Failing to do so may result in fines and even jail time.
If your business is going to reach its potential, you need to have the best employees you can attract. There are lots of ways you can attract quality talent, one of which is to offer insurance as part of your benefits package. Examples of commonly offered policies include health insurance, dental insurance, vision insurance, life insurance, and disability insurance. In fact, some of these insurance policies have become such a normal part of a benefits package that you may find some job searchers won’t even consider businesses that don’t offer them. Offering such insurance policies, especially at subsidized prices, suggests that your business values its employees and wants to support them in living healthy, productive lives. They see it as proof that they are willing to invest in their employees.
Take a look at your insurance coverage. Do you have enough? Having enough insurance helps prevent the harm that might be done by lawsuits, protects your employees, and can help you attract better talent to your business. If you don’t have enough insurance or even the right insurance, take steps to fix that now so you can reap the benefits.
We have lots of insurance options that can help protect your business. Check them out here!