Becoming An Entrepreneur? Why You Should Purchase Business Insurance
Starting your own business can seem like a dream come true. Finally being able to work for yourself and put yourself into a financial bracket that you may have never been able to achieve while you were an employee is a wonderful way for you to take control of your monetary future. You've put together your business plan, bought start-up inventory, and are ready to post your "Grand Opening" sign. However, before you service a single customer, read more about why you need business insurance coverage.
A Lawsuit Could Tank Your Business
While you will certainly be enjoying a level of freedom that you may not have had before, always remember that there are important responsibilities that come along with your new role. You could now possibly be held liable for injuries to a client. This has some very important ramifications for your enterprise.
For example, what if someone enters your building on a rainy day while the floors are especially slick? Do you have "wet floor" signs posted around the facility? If that person falls and hurts themselves, you're now right in the middle of a serious liability issue. Not only could you be accountable for medical payments, but you also have to think about potential legal fees. Without the right amount of capital on hand to cover the costs, an incident like this could spell the end of your business.
Taking out a business insurance policy gives you a buffer against these types of situations. Be sure to request the highest liability levels that you can afford because if your business is ever sued, you'll be glad you went for the extra protection.
Loss Of Use Coverage Gives Peace Of Mind
It's also vital for you to include a "Loss of Use" rider in your business insurance coverage. This portion of your policy will payout if you aren't able to use your business facility. Think about what could happen if you have to close the doors of your business due to a pipe bursting or a fire. You might need to rent an alternate space to work out of while your main building is being repaired. Having "Loss of Use" in your plan means you should be given money to cover the leasing fees while you are away from your primary business facility.
Getting a business insurance policy provides you with the assurance you need to operate with confidence. Reach out to an insurance representative and get your policy started today. Contact a business insurance company like Hargett & Tabb Insurance Agency for more information.