Most people understand why they need home insurance, car insurance, and even health insurance. Your home catches on fire or a tree falls on it, you run your car into a ditch on an icy road, or you get sick. These things happen, and having insurance can help. But, what about business insurance? Money News Now, spoke to AXA Business Insurance who have a track record of being experts in the field (and a pretty funny Christmas surprises video to go with their winter deals) about why It is just as important to have business insurance, if you are a one-person business or a major corporation. If you aren’t already convinced that you need business insurance, Axa told us about 5 major reasons why it is imperative to be fully covered in 2015.
1. Protection from Lawsuits
Okay, so we’ll just start out of the gate running. You may be shaking your head thinking a lawsuit will never happen to you, but just think about it. You’re a dentist and you mistakenly pull a healthy tooth from your patient’s mouth. You manage a business office, and your employee trips on a step with loose carpeting. The list goes on, but it’s completely plausible that an issue could arise in your business that might result in a lawsuit. Business insurance protects you from irreparable damage.
2. Recovery from Theft
Yes, business insurance can also help you recover if your business experiences theft. Say, you arrive to your office and all of the computer equipment has been stolen from the building. Your business insurance can help you recover this loss and can even help cover the costs of the damages from a forced injury. Your business is valuable in more ways than one, and insurance helps protect it.
3. Coverage for Employee Health Costs
We already discussed a few of your personal concerns that may require health insurance, but what if your office secretary develops carpal tunnel or someone else has an accident while traveling for the company. Several different factors contribute to the necessity of having health insurance, but a comprehensive business insurance plan can also help mediate these concerns.
4. Benefits from Lost Revenue
Let’s just say the building where you do business is damaged in a fire. Because of these damages, you are unable to operate for a three month period. Not only did you lose your building and the internal equipment, you also lost potential revenue for the period that you building and business were out of commission. Again, a comprehensive business insurance plan will help you recover these losses and help get your business back on its feet before you lose any more money.
5. Support for Recovering Lost Funds Due to Fraudulent Employee Activity
You’ve had the same accountant for 15 years, but she suddenly resigns. Following this abrupt resignation, you discover she’s been embezzling money for years. Business insurance can help even in this type of employee fraud. Bad things happen even to the most meticulous business owners. Let a qualified business insurance company help you avoid a nasty surprise.