Business Insurance: More Important Than You May Want To Know
A lot of people who start up businesses want to cut costs any way possible
. One of the very first places where they look to do this is in the insurance area.
They tell themselves myths such as 'being incorporated protects me personally' or 'my business will be too small and my profit margins too small for anyone to care about suing me' and 'we have a family run business so if anything bad happens to me they'll just figure out how to carry on without me'. Frankly, these are all just excuses that people make to themselves so as not have to worry about purchasing insurance.
Commercial business insurance is vitally important. Perhaps you really believe that it's not and you want to start up a business. Let's look at why it's so important.
* Employee theft: You might think that none of your employees would steal from you or embezzle. Maybe you believe that you hiring tactics are too stringent or that you only hire family and friends. Well, you won't want to become the victim of delusion. Employee theft is all too common.
Employees may steal from you for many reasons. They may be decent people who come upon hard times and hit upon your stashed-away cash box or the petty cash drawer. They may find themselves to be drug addicts who don't get paid enough to support their nefarious habit. The bottom line is that the potential for employee theft is all too real and it happens all too often for you to take chances. You need commercial business insurance protection here. If an employee can embezzle enough money from you you could be bankrupt before you know it.
* Break-ins: Let's forget about employees for a moment. Even if you really can trust them, you can't trust thieves. Businesses get broken into and stolen from all the time. What makes you think that it can't happen to you? What if someone makes off with your computers? What if they find and crack the safe? What if they steal your vehicles? What if they plunder your warehouse? What about the far-reaching harm that can be caused by the digital break-in of identity theft? You think you don't need to be insured against these possibilities?
* Natural disasters; floods and fires: Once more we find a situation that can happen all too easily but which nobody likes to think about or plan for. Yes, your business might get flooded out if you are located in certain areas of the country. And no matter where you are, you could wake up in the morning to come to an office that has been burned to the ground by a lightning strike, by arson, by faulty wiring, by a gas leak. You need protection against this.
* Legal needs: We are a litigious world today. Everyone wants to sue everyone and governments make it increasingly hard for businesses to be adequately protected against frivolous lawsuits. There are just too many possibilities for legal harm to be done to you. You need insurance against them.
Business insurance policies exists to protect you against all of the above and other needs. Don't hesitate to purchase them or you may be very sorry you didn't.
by: Tom Jones
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