Some laws require businesses to arrange specific insurance policies for their workers depending on which state the company is located in. Failure to meet this requirement may cost you more than the cost of an insurance policy.
You May Get Prosecuted
An accident, a displeased worker, or a faulty contract could cause the business to collapse if not insured. Even if you manage to win the case, it may take a huge hit on your expenses with legal defense costs.
“Acts of God”
Typhoons, Tornadoes, Wildfires, Floods, and others like this are considered “Acts of God” in the insurance language. These events cannot be predicted accurately and consistently by anyone. This is why it is best to be insured.
Employee Retention and Attraction
Insurance has the added asset of attracting and retaining experienced workers. It isn’t just protection from calamities and catastrophes. Job hunters often consider the benefits involved before they decide to apply for a job in your business.
The Unpredictability of the Future
Mental health is vital to any business owner. Having insurance eliminates the fear of what you would do if such calamities or problems would affect your business. This would help you focus on the essential things - running a profitable and rewarding business long-term.
Owner and Worker Protection
In the event of the death or extended recovery of the owner of a business, life and disability insurance would arrange monetary compensation to cover the loss of income that was generated. “Key Man” or “Key Person” insurance would cover the death or extended recovery from injury of a valued worker.
It May Be Stated in Contracts
Numerous elements may come into consideration when it comes to contracts and insurance:
- The loan agreement will most likely contain an insurance requirement if money is borrowed to finance buildings, equipment, or operations.
- Renting or leasing a business facility may mean that you need to carry insurance, as the landlord’s policy may not cover it.
- Contracts with customers or clients may require having insurance in case transactions do not go as planned.
With the right business insurance, business owners can have a clearer headspace without worrying about many other things and precautions. They can focus on overseeing and growing their business.
At Meyerson-Roth Co Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (516) 432-5800. You can also request a free quote by CLICKING HERE.