Let’s face it: if you run a business, no matter how diligent you are, you face risks. Your risks may be related to your property, industry, service, product, employees, etc. (the list is hardly exhaustive) so it makes sense that you’d take the initiative and do your due diligence to secure your business with an added layer of coverage. Few business owners fully understand that protecting your business in the event of a disaster isn’t the only benefit of having business insurance.
Experts on business insurance Calgary suggest that having a comprehensive coverage plan for your enterprise may add value to your business. In this article, we will break down just why that is.
Insurance isn’t free, but it can save you money.
“Nothing good in life is free,” and insurance is paid for in monthly payments known as “premiums.” Your costs will depend on a lot of things, including:
- Your business’ industry
- Its geographical location
- Insurance history
- Lawsuit history
- How many employees
- Outstanding risk factors
It probably isn’t a surprise that many business owners, especially those of small businesses tend to hesitate when it comes to matters of “paying an added bill” – but insurance is essential! It should be treated as an everyday business expense, especially as there’s always the chance of your business operations being the cause of someone’s accidental injury or property damages.
How does insurance save you money? Well, think of it this way. A lawsuit – even one for something so insignificant as a slip-and-fall – may cost you into the hundreds of thousands of dollars. The average judgement awarded in cases involving slips and falls can range around $100,000.
Business insurance can cost you less than $100/month, which is just a small insignificant price to pay for huge coverage. Consider this if the cost of your insurance is the final deciding factor.
Insurance isn’t mandatory, but it can attract clients.
For many industries, business insurance isn’t mandatory. In some cases, it may be, such as if your business specializes in the medical and health field where your professionals will be required to carry medical malpractice insure. However, mandatory or not, insurance is a great asset to have and may actually be used as a tool to attract more clients.
Why is this the case? Well, launching a business requires a lot of time from you, in addition to effort and money. If no one trusts that your business can deliver a quality product, service, or advice, they won’t want to work with you. Having the right business insurance can demonstrate to your prospect clients that you have what it takes and you are protected in the event of an unexpected crisis.
Worker’s compensation insurance and employee benefits insurance can also be a great asset, as they can attract and retain top talent by demonstrating that you have all bases covered. It keeps your business reputable, and it shows others you care. It may even be an asset for future potential partnerships with other businesses.
No company runs without risks. Insurance can protect your bottom line.
On bullfrog insurance We do our best to run and maintain our businesses as best as possible, but the truth is that things happen. Even with the utmost diligence and careful screening of all possible scenarios, businesses face risks, and insurance acts as an integral component of risk management. There is always that risk that there might be an accident, whether that’s an injury to a third-party, alleged negligence, a natural disaster, or otherwise. It’s better to be safe than sorry.
An insurance plan isn’t compulsory, but insurance can protect against large potential losses and disasters. It’s basically a back-up, if all else fails. Losses can be far more costly than you as a business owner might be able to anticipate, so having a cover is a great way to securing your peace of mind, and the peace of mind of your customers, partners, and employees.
So, to answer the question “can insuring your business add to its value?” The answer is yes – 100%. Business insurance is a last layer of protection, can save you money, and may even attract clients, employees, and potential partners. All around? It’s worth the buy, over and over.