5 Reasons Why You Should Get Insurance For Your Business

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By: Sales and Marketing Dept.
August 26, 2020

As the saying goes business is like raising a child, It takes dedication and patience. Along the way, you will encounter problems that will require you to solve it financially. In the business term, it is called inherent risks. It takes many forms, it can be an employee getting injured while on the job, a liability from a 3rd party or a client filing a suit due to a breach of contract.

So, for those reasons, It is very important to protect your assets, your people, products and systems in place. One of the best ways to do that is to get your business with an insurance policy for your assets. Why?

Here are our top 10 reasons why your business needs to be insured now.

1. It is a requirement
   

   As a business owner you are required by law both local and national to get insurance for your business depending on what type of business you are in.

   Failure to do so could result in fines, civil or criminal penalties, exclusion from public contracts and “cease and desist” orders — all of which could cost you far more than the price of an insurance policy.

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2. Protection against a legal case against you.
   

   Nobody is spared when it comes to getting sued. If big corporations can get sued so can you! And in the event that you get sued, your cash flow will be greatly affected, and the idea of going out of business is a possibility. The best way to be prepared for such possibility is to get liability insurance

3. Acts of Nature Cover
   

   We have seen the damage a typhoon, earthquake or a volcanic eruption can bring to us. In fact, some of us have personally experienced it. That is why protecting your establishment, office or even your building is a must. A fire insurance policy can do that as it covers all risks and even peril specific

4. Safeguarding Your Employees
   

   In every business, the most valuable asset is your employees. We see businesses succeed and grow because of how they take care of their employees. While the govt mandates getting protection for your workers, it is also advisable to get additional insurance products for them as part of your compensation and benefits package. protecting your employees’ interests is also a good way to protect yours — agains t lawsuits or liability claims.

5. Additional layer of financial security
   

   As a business owner, it's a must to have a business strategy, which includes preparing for the things that might happen and how to deal with it strategically and successfully.

   We see business being temporarily closed due to accidents, disasters, crimes, and very recently due to the covid-19 pandemic. Having an insurance policy in place will help you get peace of mind knowing that if indeed something bad happens, you are financially safe because you won't have to pay the full financial cost of a loss. With the proper business insurance, small business owners can achieve peace of mind and focus their attention on what they do best — operating a productive, profitable and personally rewarding business for years to come.