Owning a business comes with risks and rewards. The rewards are things such as being your own boss and creating the company culture you want. It’s easier to enjoy these rewards of operating your own business when you are protected from the risks. Different types of business insurance are there to protect you and your business from financial risk, and in some cases allow you to continue operating if an unexpected event occurs. Below are some of the reasons to carry business insurance.
Certain Types of Insurance are Legally Required
There are certain types of insurance the federal government requires businesses to carry, such as workers’ compensation Maitland FL, unemployment, and disability insurance for any business that has employees. Requirements can vary in different states because each state has its own laws for which insurance plans businesses must carry.
Insurance Protects Your Business
Insurance policies are there to help you rest assured that you will be financially protected if something unexpected happens. For example, carrying a property insurance policy for your business will financially protect you from events such as fire, theft, and storms. If you live somewhere with specific weather events, such as earthquakes, insurance companies typically offer a separate plan to ensure your business is protected. Make sure you talk with an insurance company to determine which insurance you need.
Insurance Plans Attract Talented Employees
Some insurance policies, such as workers’ compensation, show potential and current employees that you are investing in them. Workers’ compensation insurance requirements vary by state, but purchasing a thorough policy that goes beyond minimum state requirements and cares for your employees, should they find themselves out of work due to a work-related injury, shows your investment in their successful recovery and continuation with your company once they are well. Knowing that the company cares about their wellbeing and will protect them can attract a talented pool of applicants.
Protect yourself, your employees, and your business from financial risk and uncertainty by carrying all legally required business insurance policies, and any policies specific to your business.
