Small Business Saturday is November 27th 2021
Small businesses, like the family-owned businesses or mom-and-pop shops, are the lifeblood of our nation’s economy. There are more than 31 million small businesses in the U.S., which accounts for 99.8 percent of all firms. They employ 60 million people, create more than two-thirds of all new jobs, and generate close to half of our gross domestic product (GDP). Small Business Saturday is an annual event that celebrates these and the countless other achievements of small businesses.
Why Do Businesses Need Business Insurance? Because accidents can happen at any time. And when they do, business insurance helps pay for damages you’d otherwise have to cover out-of-pocket.
There are plenty of reasons you need business insurance coverage for your company. Having it helps:
-Save you time, money and stress
-Protect your business from damages
-Provide benefits to your employees
To make sure you’re protected, you’ll want to consider these business insurance coverages:
-Commercial property insurance
-General liability insurance
-Business income insurance
-Data breach insurance
-Workers’ compensation insurance
Some reasons for business insurance coverage are:
Business Insurance Is Required By Law: Most states require small business insurance. Without it, your business may face financial losses if:
-A customer sues you after getting hurt at your place of business.
-A fire destroys your building or inventory.
-A computer with your clients’ personal information on it is stolen.
Business Insurance Protects Your Employees: Workers’ Compensation Insurance covers your employees if they suffer work-related injuries or illnesses, it provides benefits like:
-Medical care
-Missed wages
-Funeral benefits
Business Insurance Protects Your Customers: A Business Owner’s Policy (BOP) combines business property and business liability coverage into one to help protect your business from:
-Property damage
-Personal and advertising injury
-Bodily injury
-Product liability
For instance, if one of your customers slips, breaks their leg and needs to go to the hospital, your BOP can help pay for their medical costs.
There is also data breach insurance to help protect your business and customers if a security breach occurs. This coverage can help pay for:
-Identity protection solutions
-Public relations
-Legal fees
-Liability
Business Insurance Builds Credibility: Your business insurance does more than protect your business. Having the right policies shows your customers and contractors that you take managing risk seriously. It also helps communicate to everyone that you’ll provide the right protection, no matter what accident occurs.
Business Insurance Helps with Lawsuits: Every company can get sued and face legal fees. One of the reasons you need business insurance is to help cover the costs. For example, if you have an injured employee that sues you, your workers’ compensation insurance can help pay the legal fees. And, if that injured worker ends up with a disability, workers’ compensation can act as disability insurance and provide them with benefits.
We love serving small businesses, and we’re here to help any way we can. You can learn more about how to get business insurance by calling Aitken and Ormond at 586-949-5570 today.