Is It Ever Too Early To Get Business Insurance?
If you are starting a new business, you might hesitate to purchase an insurance plan in the beginning. Many businesses just starting out believe that there is no reason for insurance in the beginning and that they can wait until their business becomes more established. However, it is a good idea obtain business insurance from day one, as you can never predict what might happen.
Smart Business Insurance is a great insurance company that provides all types of insurance plans for businesses. Whether you ultimately decide to purchase business insurance from this insurance agency or someplace else, there are numerous reasons why it’s never too early to get business insurance.
You are always at risk
Whether your business has been open for ten days or ten years, you are always at risk at possibly being sued by anyone, even if they aren’t a current or former client. What if someone slips, trips or falls while on your property? Even if you are ultimately not found to be at fault, business insurance could still come in handy. However, without adequate coverage, you place your business at risk of losing a substantial amount of money, or even the business itself, depending on the circumstances.
What types of business insurance is available?
Business insurance types can vary greatly, depending on many different aspects, including the type of business you have, what type of service are you providing, and much more. For this reason, business insurance is customizable, and most insurance companies offering business insurance will allow you to pick and choose which coverages you want. Your insurance agent is likely to recommend specific coverages based on your specific situation, but it’s ultimately up to you to decide what coverage you want.
What is general liability insurance?
Many businesses simply opt for purchasing a general liability insurance plan, which can certainly be adequate for many businesses. However, what is general liability insurance? General liability is one of the most basic types of business insurance plans that covers a wide array of different situations. This type of insurance plan covers:
- Accidents that occur on your property
- Physical injury
- Property damage
- Medical and/or legal fees
Should you purchase a general liability insurance plan for your company?
If your business doesn’t require you to come face-to-face with clients and prospective clients, then it would likely be a waste of money to invest in a general liability insurance plan. Depending on the type of service or product you provide, not all businesses even have an office, so a general liability insurance plan could be completely unnecessary.
However, if your business requires you to come into contact with the public, then you could be taking a huge risk by failing to purchase a general liability insurance plan. What if someone falls while on your property and breaks their leg? They could demand that you pay their medical bills, and without doing so, their medical bills could significantly impact the finances of your company, which isn’t good. On the other hand, if you have a general liability insurance plan, all that you have to do is file a claim with them to pay the person’s medical bills and then you don’t have to come up with money out of your business’s pocket.
As you can see, it can be impossible to predict when and if an unfortunate situation were to occur that could jeopardize the future of your business. For instance, if a customer slips on a wet floor in the lobby of your company and breaks her back, there’s a very big chance that she is going to sue you. There is also a very big possibility that the medical bills from such an injury could be very costly.
Even if you and your employees ensured that you followed the appropriate methods for informing visitors that the floor was wet, you will likely still be held liable for the victim’s medical bills since the accident happened on your property. Proper business insurance from the very first day that your business opens is smart, because you can protect your business from potentially experiencing financial disaster, and much more. So, don’t hesitate to find some business insurance today, so you can have peace of mind.