Running a business comes with inherent risks. An employee could get injured on the job, a guest could trip on your property, a natural disaster could destroy your property. While your company faces risks on the daily, it is essential to keep moving forward despite the threat. What’s more, it is vital to protect your assets, both business and personal. If the worst happens, you can fall back on your business insurance in Renton, WA to help recover costs and get your business back on its feet. Believe it or not, but business insurance can save your company in more ways than one.
Why You Need Business Insurance for Your Company
1. Keeps your business up and running
What happens to your business in the event of a natural disaster such as a fire or hail storm? Your business should be able to rely on property insurance to cover loss of property, such as the building and equipment. Without this coverage, you would have to repair and replace all damaged items out of your own pocket. If the building has been damaged by a fire, you could be looking at hundreds of thousands of dollars’ worth of expenses. Fortunately, your property insurance would step in to help to ensure that you don’t need to cover these repair fees alone. This, ultimately, helps to keep your business up and running even when the unexpected happens.
2. Protects your employees
Your most valuable asset is not the products or services you offer, but the workforce. Your employees help your business to run every day and keep turning a profit. They capture customers and enforce loyalty across the board. With this in mind, it pays to protect them in the event of an accident. The law requires you to carry workers’ compensation insurance that protects your team if they get injured or ill on the job. It helps to cover their medical expenses as well as rehabilitation costs so that they can return to work as soon as possible.
3. Because you cannot predict the future
No business owner has a crystal ball hidden in the closet that can predict what will happen in the future – no matter how useful it would be! It could be ideal to see when natural disasters are coming and what mechanical failures would trigger a fire. However, no one can guarantee such things. No matter how safe you keep the workplace and how well you enforce safety policies, accidents happen. When the unexpected happens, it is worth having the right insurance that you can fall back on for financial assistance. With the proper coverage, you know that your business can overcome whatever life throws your way.
Business insurance is valuable for your team, bottom line, and future. If you have coverage, take a moment to review your policy to ensure it fits your current needs. When looking for coverage, work with a qualified commercial insurance agent who can understand your unique risks. Coverage should be tailored to your specific needs, so you have the peace of mind you’re only paying for what you need and want.
To safeguard your business from risks, make sure that you have the right commercial insurance. For a policy to suit your business at the right price, contact the team at Humble & Davenport Insurance today.