5 Ways Business Insurance Can Save You Money
While we can plan for the best and do all we can to prevent tragedy, some things are out of our control. Business owners across the globe have felt this sentiment now more than ever. If you’re wondering why you need business insurance in Edmonton or you’re researching the type of insurance you need, consider how you want to protect something that you’ve worked extremely hard for.
Business owners without insurance may need to pay out-of-pocket for damages and legal claims against the company. In some cases, the costs are substantial and spell the end of the business. Business insurance, sometimes referred to as commercial insurance, covers you and your business in case of a loss and can help keep your doors open.
Here are the top reasons you should have business insurance.
1. Protects you against legal liability
For instance, if a customer claims they fell ill or were injured by your product or service, or if an employee claims work-related suffering, business insurance can help cover the cost of legal fees. Coverage is also available to pay out medical costs and lost income as a result of the accident.
2. Protects you, the owner
As a business owner, you are responsible for keeping things running and overseeing that operations are going smoothly. What happens if an injury or illness takes you out of work for a considerable amount of time?
Business insurance helps cover the cost of interruptions, including your lost wages, day-to-day operating expenses, ensures that employees are paid, and gives you peace of mind that your business can continue running while you’re away.
3. Covers the cost of a data breach
While our digital age provides us with incredible convenience and new ways to communicate, it also comes with the ongoing threat of cyberattacks. Recovering from a data breach can be a costly and time-consuming process, including hiring lawyers, experts, resetting servers, communicating with clients and customers, acquiring new technology for added protection, and the business interruptions that come with recovery.
Cyber insurance for your business helps cover the cost of the expenses you incur related to the breach, including any legal claims made against you by customers and employees who have been impacted.
4. Natural disaster protection
Business insurance protects your assets if a disaster strikes, including floods, fires, lightning, tornadoes, and more. You can recover the cost of your possessions if they are damaged during a natural disaster.
5. Commercial car insurance coverage
One of the biggest mistakes that a business owner makes is thinking that their normal auto insurance is enough coverage for their commercial vehicle. If you do any business using your car, including deliveries, pick-ups, or traveling to fulfill a service contract, and you get into an accident, your regular auto insurance policy may not cover the loss incurred to you and your business.
Commercial car insurance includes coverage for lost or damaged products resulting from an accident while using the commercial vehicle, business interruptions, lost income, and repairs or replacement of the vehicle.
To sum it up, business insurance should be a part of your risk mitigation and recovery plan. In a perfect world, injuries, natural disasters, and legal claims against businesses don’t exist. But unfortunately, they do happen. The last thing you want is the stress that comes with paying out-of-pocket for damages and legal expenses. Be sure your business insurance policy has the adequate coverage you need.
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