Business insurance protects your business from suffering huge financial losses from mishaps like property damage from fires or being sued by customers for sudden injuries that could occur.
It would be best to have comprehensive business insurance to avoid out-of-pocket costs for damages when an accident happens. Business insurance saves time, money, and stress while benefiting your employees. Here are five practical reasons you need business insurance.
The Law Requires Business Insurance
Most states require small businesses to have protection. These benefits might include auto insurance, workers’ compensation, or short and long-term disability. Regardless, your business can face financial losses if a customer sues you after being injured at your establishment. In addition, if a fire destroys your building or inventory or if a computer with a client’s personal information becomes jeopardized, it will be nearly impossible to recover without business insurance.
Employee Protection
It’s vital to protect yourself and your business. If your employees experience work-related injuries or illnesses, benefits such as workers’ compensation make up for an income loss. It can also help with medical care. However, because employees are the backbone of any establishment, you should want to protect them at all costs. In addition, not having the proper insurance in place can make employee retention and recruitment difficult.
Customer Protection
Employees can get hurt on the job as well as customers. If a customer somehow slips and falls, business insurance can help pay for their medical costs. In addition, if a data breach occurs, the optimal policy can help pay for:
- Identity Protection Resolutions
- Legal Fees
- Liability
The best policy will cover and combine business property and business liability coverage to combat against:
- Property damage
- Bodily Injury
- Product Liability
Enhances Credibility
Once again, not having the proper insurance impacts how current employees and future employees feel about your business or facility. You want to show employees that you don’t take risk management lightly. As remote work became common because of the pandemic, many employers offered employees work laptops and computers to minimize damage to their devices. In addition, confidential information is more secure on virtual private networks (VPNs).
Business Overhead Expense Insurance Protects Management
Every business has a key player, such as the owner or CEO. If this executive person can no longer work, business overhead expense insurance covers the monthly business payments required to keep the business running. This type of insurance supplements short and long-term disability insurance and covers aspects such as:
- Janitorial and Maintenance Services
- Employee Salaries
- Legal Services
- Taxes
- Employee Benefit Costs
- Much More!
We cannot stress enough the vitality of business insurance. Call Malden Solutions whenever you’re ready to explore your options.
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, H.R. solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.