Top Three Reasons Why Your Business Needs Insurance
Updated: Dec 6, 2021
An employee getting injured while doing his job, a client complaining about stomach ache after eating the food you just served or a natural disaster that broke all the windows in your dining area – all these are possible scenarios that every business owner fears of. There are more of these, and the number of risks could shake your business continues to grow. Running your own business comes with inherent risks that you can’t control. Luckily, these uncontrollable risks are things you can prepare for when you have a business insurance.
Here are the top three reasons why your business needs insurance.
• It is What The Law Requires.
The law requires all employers to provide insurance protection for their employees. In particular, the program should include worker’s compensation, disability, and unemployment, depending on the part of Canada where their business in located and registered. Failure to provide insurance for employees will subject the business owner to civil and criminal penalties. Apart from that, the government could also order the closure of the establishment until further notice. Thus, getting business insurance can save you more in the long run.
• You and the Company Could Get Sued.
Whether you are a service or product provider, the very nature of the business is litigious in nature. If a lawsuit is filed against you or your business, without business insurance, your business can be put to a close. Broken contract, accident or a simple client complaint could mean it is over. Rather than worrying about what could happen, it is best to have liability coverage on your business insurance. That way, you can concentrate on what matters.
• It can Keep your Business Running.
What happens to your business when it falls victim to a natural disaster? Do you wait for a good few months before you can have it repaired? What happens to you when you have to close down for a few weeks during the repair? This is when business insurance comes in to save the day. Not only do policies cover the repair costs of all that has been damaged, but it also covers the loss of income throughout the duration.
It is about these possible risks that you should find yourself searching for the protection of your assets – whether business or personal. One of the best ways to do that is for you to buy the adequate amount of insurance for protection.