Businesses are risky ventures. As a business owner, you will encounter numerous business risks. For example, your company’s property may be damaged by natural disasters, an employee may be injured on the job or you could be sued for any number of reasons. To mitigate these risks, you should research business insurance Newark DE. However, mitigating risk is not the only reason you should purchase business insurance.
Keeps Your Company Open
If your property is damaged by a natural disaster or vandalism, your insurance company will pay to repair the damages or replace equipment, buildings and other assets. Unfortunately, if you have to make repairs, your company could be shut down for an unspecified period of time. However, business owner’s insurance may pay you the money you would have made had you not been shut down. This way, your company doesn’t lose money because it is closed. Your policy also pays for any rent or other expenses you would have had to pay while you were shut down. Therefore, not only do you receive the revenue you would have made, but your expenses are paid as well. These payments may be received for up to 12 months.
Helps You Obey the Law
You are required by law to carry different types of business insurance. For example, if you have employees, you have to carry several types of insurance, including workers’ compensation, disability and unemployment insurance. This insurance is also required for your company to bid on public contracts. If you don’t have adequate insurance, you may be fined or prosecuted. Therefore, learn your state’s business insurance requirements.
Protects Your Human Resources
Not only are you protected if you are disabled or injured, but your employees are also protected from on-the-job injuries. Because your insurance protects you and your employees, you are more likely to attract and retain great staff members. Your human assets want a benefits package that also includes protection, such as life, health, long-term care and disability insurance.
If you are starting or running a business, consider exploring the business insurance assets available to you and your employees.
