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Why Is Business Insurance Important
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Importance of Insurance in Business
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Transcript of Why Is Business Insurance Important
Importance of Insurance in Business
Insurance is something manybusiness owners neglect butshouldn’t as it allows for thetransfer of risk, provides asafety net and also offers theowners peace of mind.
Insurance
It plays an important role insafeguarding the interest in abusiness from loss anduncertainty. Although manybusiness owners believe insuranceis expensive, it is a critical expense.
This is a form of Insurance that provides asafety net to a business for catastrophicloss including acts of God such astyphoons, hurricanes, tornadoes, fires, andtsunamis
Catastrophic Loss
Business insurance may help prevent a company frompermanent closure and permanent losses. For acompany to be able to sustain cash flow, a businessshould always include Business Interruption Insurancein the policy to prevent permanent closure due tonatural disasters.
Business LiabilityInsurance coversunforeseen incidentsor accidents that mayoccur on the propertyof a business andproduct mishaps anddefects that may occurduring normalbusiness operations
Every business can be a target of thieves. Most new businesses have equipment that’s valuable and can be pawned or sold. It is
with Replacement Insurance that a company is secured from possible invasion and robbery.
Our society today is litigious.Every lawsuit faced by anindividual or a company canbe costly to bear, and in theevent, a business ends up onthe losing end of a lawsuit, theawarded damages couldexceed the business’scapabilities to pay. Thecompany assets and even thebusiness owner’s personalassets can be at high risk.
Personal Illness & Injury
The security and welfare of businessowners and employees are covered bypersonal insurance and the premium isnormally the responsibility of thecompany. Medical Insurance willensure medical bills incurred due to anillness or injury will not wipe out abusiness’s assets
Level Of Coverage
The amount of insurance coveragea business carries depends on theindustry, the business structureand the amount of assets thebusiness has. Other factors to beconsidered are the location of thebusiness and whether a property isowned or leased. These will all be aconsideration in the coverage andlevel of insurance to purchase.
Business Insurance isimportant to everycompany in any industryfor security andprotection of thecompany, the companyassets, the owners as wellas the employees.
