There are a whole lot of people in the world who are a little tired of seeing those monthly insurance bills come on. In an economy where inflation is running rampant, insurance rates are going up right alongside food and fuel, and everything else. It’s a little tough for a lot of people to keep their heads above water. However, insurance is incredibly important in this modern economy, especially so if you own and operate a business of any size. If you have a business, you should have liability insurance covering you. Here are some important reasons why.
Protecting the Employees
One of the main reasons to have at least a good policy covering general liability insurance for business is that it’s going to protect your employees. For starters, it stands out as a job perk for your employees. Knowing that they’re covered is a great incentive to bring in more workers who are loyal to the business. More than anything, however, this sort of insurance covers a range of negligence suits and any sort of injuries. So if someone ends up getting hurt, and tries to put your employee on the hook for it, your employee is covered by your insurance and thus will not regardless of the outcome, must pay out of their own pockets. In a world that loves lawsuits, this protection is very beneficial.
A Legal Requirement
It’s also going to benefit your business because having liability insurance is going to allow you to stay in business; at least in most states. This is because liability insurance is most likely going to be required by law. You’d be surprised to find out just how many different businesses operate without their legally required insurance, only to suffer the consequences later on. This usually happens when someone files a suit and the business has to admit it’s unprotected. You may also need liability insurance if you wanted to borrow money or take out some sort of loan against the business. Even if it isn’t required by law where you live, a lender still expects you to be fully insured.
Damages to Your Business
Another of the many benefits of liability insurance for your business is that it protects against a wide range of damages. Of course, when you think of damages, you likely think of things like natural disasters, or your business being physically damaged in some other way. Though there are many more types of damages, such as theft. Liability will cover you if your business happens to be the victim of shoplifting. There’s a lot of that going on these days, including organized shoplifting trips. Without insurance, these businesses would be out tens of thousands of dollars.
Workers filing for compensation is something that can easily cripple a business that doesn’t have good insurance. If an employee gets injured while working and needs to take time off, the law entitles them to still draw a worker’s salary from your business. You can’t just go without paying them. Though if you’re paying people for not working, you’re losing money. This is where general liability insurance can pay off for you in a big way. It’s going to help cover this sort of expense so that your employees can be paid, and you won’t have to foot the entire bill for it.
Lastly, general liability insurance protects you against lawsuits. Filing lawsuits is a popular pastime for so many people around the country. People sue McDonald’s over hot coffee, or a store for having a slippery floor that was just washed, etc. Of course, that is not to suggest that all the lawsuits filed are frivolous. Plenty of them have merit, and sometimes your business is at fault. The point here is that liability insurance is going to protect against lawsuits either way. You can easily end up bankrupt and lose your business without protection.
It’s pretty clear that any business in operation, regardless of its size, needs a good general liability insurance policy. It’s just really the only way to truly protect yourself, your business, and your employees from a wide range of different scenarios.