Running a business comes with its fair share of challenges. As a business owner, you take responsibility for looking out for the welfare of all the people that interact with your business. Getting your small business insured protects you from incurring any unforeseen costs that might come up.
Commercial general liability insurance, or CGL Insurance, is the main component for protecting your small business from liability risks. Commercial general liability insurance is in place to help safeguard your small business if you are found legally answerable for bodily injuries or property damage to a customer, a supplier, or another third party. Below are a couple of reasons as to why you should get small business insurance.
Compliance With the Law
In order to run your small business successfully, the law mandates you to get small business insurance for your business. Lack thereof could attract cease and desist orders, which cripple your business completely. Depending on your location, you are required to get workers’ compensation, disability, and unemployment insurance coverage. Therefore, it is cost-effective to have your business insured.
Enhances Your Credibility
A business enterprise that has small business insurance attracts clients. Clients and employees completely trust you as they are assured of the smooth running of your business because it is covered. They are also assured of compensation in case something catastrophic happens to your business and you are no longer in the position to serve them.
Unpredictability of the Future
In addition, it is impossible to tell what the future holds for us. Accidents are likely to happen in your place of work. If a natural disaster or accident occurs in your business and you are not covered, you end up incurring massive losses and lawsuits from your employees. Compared to the cost of acquiring insurance coverage, you end up spending a lot more trying to remedy the situation. Small business insurance provides your small business with functionality and allows you to plow back as much profit as possible.
Provides Protection for Your Employees
Moreover, the most valuable asset in your business is your employees. Employees promote and enhance the functionality of your business. They also play a major role in attracting and retaining customers based on their service delivery. Small business insurance helps the employees feel comfortable. The employees in return get more productive, promoting the efficiency and effectiveness of your business.
Do yourself, your employees, and your clients a favor. Small business insurance will always be worth it. Contact Cole Harrison Insurance today to get started securing your business’s future.