There are lots of understandable reasons your business needs insurance. You never know what could happen, and having the right insurance coverage can make all the difference in the aftermath. However, there are some really surprising reasons to have the right coverage.
There is insurance coverage for nearly everything nowadays. If you are a business owner, or are about to start your own company, here are a surprising reasons your business needs insurance. And why you may want to get the coverage NOW.
Property Damage Can Happen Anytime, Anywhere
More and more people are working from home or even within a hybrid office structure. However, if you are a business owner and you have a physical location to your business, you will definitely want property damage coverage.
This may not be very surprising, but you never know when someone will jump a curb and ram their truck through the side of your business. Not to mention all of the following:
- Vandalism
- Flooding
- Fire
- Severe Storms
- Leaks
- Accidents
- And so much more!
There are a thousand and one things that could happen to a building or to your business’ property.
If your company is on the move, you may want property damage coverage as well. You never know what could happen for businesses like a transportation company, off-site jobs like construction, and so many more.
For instance coverage for commercial car insurance transporting clients needs to understand that every aspect of the transportation needs to be covered. The vehicles, the employees, the cargo, everything. If you can get the right coverage for property damages of all kinds, you are good to go.
Unemployment or Unexpected Closures
If the last few years have taught businesses anything, it’s that anything can change in the blink of an eye. One of the most surprising reasons you business needs insurance is to help you in a pinch. This could be because of sudden unemployment, or unexpected closures.
Having back up insurance for your bakery if you can’t have customers come indoors to eat your doughnuts can keep your business afloat. Having commercial feet insurance when there aren’t people who can rent any of your moving vans can keep your business running through the toughest of times. Unexpected closures and unemployment can happen so fast. It’s good to be covered.
Your Ideas Need Coverage
A really surprising reason you may want insurance is to cover your ideas. That’s right, your intellectual property may need to have it’s own coverage. This could not only help keep your business ideas safe, but it could also help you financially if the idea is stolen by a rival company.
The Customer Is Not Always Right
When it comes to liability coverage for your business, you need to always keep a lookout for customers who may try to scam you, take advantage of you, or simply be wrong. Customers who exploit, sue, or damage your business can really do a number on your business income.
This means having insurance against customers is a good idea. It doesn’t always mean your clients are out to get you. If they are hurt on your property, or their property is damaged in your business, having the general liability insurance can be a big help as well.
Hiring, Firing, and Being Good to Employees
Running a business isn’t always easy. You can have an MBA and all of the career opportunities in the world, but when it comes to being professional with other employees, it can get messy.
There is insurance that can cover your business for wrongful firing, discrimination cases, violent or disruptive employees, and so much more. Hopefully you may never have to use this type of insurance, but it is definitely something you want if you have a lot of employees.
All it takes is one disgruntled ex-employee to bring a suit against your company and you could lose everything. Whether they are in the right or not, it can do lasting damage.
You can also take out insurance for your employees so that you can take care of THEM. This means having unemployment insurance, workers’ compensation insurance, and even disability insurance.
All the Surprising Reasons Your Business Needs Insurance Today
Though you may have general insurance for your company, there are a lot of surprising reasons your business needs insurance for specific things. So whether you have amazing ideas, or you are simply looking out for your employees, it may be time to look at new coverage today.
