Business Insurance Reasons why business needs insurance

CALVINDOL

VIP Contributor
What are some of the reasons why business needs insurance?

The law requires businesses with employees to provide particular types of insurance, some are, workers compensation, unemployment and disability. It all depends on the state where the business is located.
Having an insurance in your business will help your business to be running and also growing.
It also helps to protect your employees. Your most valuable asset is not the product or services you offer, the equipment you take so much care to maintain or even the brand you struggled for years to build.No, your most valuable asset is your employees, and it's best to protect them in the event of an accident
Having insurance isn't just about protecting your business in doom and gloom scenarios. It can have the positive benefits of attracting and retaining qualified employees.
Having an insurance in your business is also good because you cannot predict the future. No business owner has a glitter bomb hidden in a closet that can predict what might happen in the future. It would be excellent if natural disasters injuries on the job or lawsuit never occurred.But no one can guarantee such things.

More ideas why we need insurance in our business? kindly share.
 
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Deleted member 28127

Guest
Simply because you cannot opt-out without insurance means a company is required to present all legal papers that everything is insured else their activities are considered as illegal means the law will end up the business if insurance isn't regulated each year or renewed. It is a law problem.
 

Jasz

VIP Contributor
Sure! Insurance is so good. No matter how careful we are business will always pose its risks, accidents can happen anytime, insurance will help you cover this . The setback is some business owners run a business and pay insurance to cover their business for long without anything happening . Do they pray to have an issue where insurance will have to fill the space? Have read where a business owner sets fire on his citrus farm so insurance can cover it. I wonder how much this will profit him for him to have done that. The truth is people don't want to keep paying insurance for long for no use, yet they don't want any damage to their assets.
 

Abigael

Valued Contributor
Those are very good points that you have mentioned about the importance of insurance in a business. I really love the point that having an insurance can help attract more qualified employees to you. That is they will be attracted by the benefits of insurance that you offer. This is because they will be assured of safety ad less expenses when some unfortunate accidents or natural disasters occur. Moreover, having an insurance makes your clients and customers to trust you. This is because they feel safe buying things from your business or working with you because you are protected from any accidents and disasters that may occur.
 

Dasryny

New member
Bankruptcy! This is the first and main reason, the second is possible lawsuits from employees.
 
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