Why Small Businesses Without Insurance Are At Risk

​Small firms need business insurance to help cover the costs of property damage and liability claims. Without it, business owners like you may have to pay using their money for the damages and legal claims against your company. 

Small businesses face various risks and can significantly benefit from having insurance rather than having none. Getting insurance for your small business means you get the protection that shields your pocketbook from large incidental costs. 

How Does Insurance Reduce Risk?
Small businesses face several risks daily; however, you can reduce many risks by having insurance. Insurance helps reduce the financial impact of many risks, such as liability claims and property damage. Without insurance, the financial cost could bring financial problems, potentially leading to bankruptcy. 

Even the most careful companies cannot predict when business problems may happen. To protect you against potential loss, comprehensive protection that covers risks is essential. Paying for insurance may seem like a bothersome expense, but it provides more value than you think. There are other types of insurance coverage, including:

• Liability Insurance
• Workers’ compensation
• Professional liability insurance
• Commercial property insurance
• Business income insurance
• Employment practices liability

What Are the Benefits of Insurance for Small Businesses?
Many people need help to see the value of buying insurance.  Although it’s intangible and you don’t use it often, you will always need insurance. You would insure your car or home, so why not insure your business? Here are the benefits of insurance for small businesses. 

1. Protect Your Employees
   As a small business owner, your employees must be one of your priorities. Protecting your employees with liability insurance makes them feel secure about your business. Health or dental insurance helps attract customers and encourages your employees to work harder.
   
   
2. Requirement
   A landlord’s insurance policy might not cover your business if you rent your business space. So in cases like these, having insurance is beneficial.
   
   
3. Workers’ Compensation 
   Workplace accidents can happen at any time. Without insurance, your small business pays that employee’s workers’ compensation out of your pocket. 
   
   
4. Natural Disaster, Vandalism, or Theft
   Natural disasters might physically destroy your business and cost too much if you’re not insured. Property insurance is what you need regardless of natural disaster damage, vandalism, or theft. 

Protect Your Small Business Today
As long as you have the primary insurance to cover most damages and incidents, rest assured that your business is safe. Protect your small business from financial costs that can transpire from any multitude of risks in the business world by purchasing insurance today.

At Richard Turner Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (619) 296-6222. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!