Why You Need Commercial Insurance
Every business needs commercial insurance.
There are many dangers and pitfalls in business; for both startups and veterans alike. I’m not talking about making bad decisions, bad investments, bad strategy, etc – though those alone can sink any company.
Commercial Insurance Protects Your Business
What I am talking about, is more in the vein of bad luck. Your office building burns down. A water pipe bursts. You run some pedestrian over in your company Hummer (still got one of those? Sheesh!) or a product you make injures someone. All of these things happen, and each one by itself is enough to take you down – for good.
There are countless stories of multi-million dollar lawsuits filed against companies whose products were dangerous, defective, etc; and if you are to have even the slightest chance of surviving that, you need commercial insurance. Of course, even if you do win the case, you could still be facing irreparable damage to your public image – but by having commercial insurance coverage for the cost of lawsuits, at least you will be alive to fight your way back on the market.
It could be anything really. Anything could happen to trip up your business, and the fall could be quite hard. There is no way of knowing, which is also the genius of insurance as a concept: We fear the unknown – therefore we want to protect ourselves against it. I don’t like being forced to do anything, but I actually appreciate the fact that commercial liability insurance is mandated by law, most places.
Commercial Insurance Is A Must
It means there is a basic level of protection out there, and it covers both the injured and the injurer. The person getting hurt can get compensation, and the person or business causing the injury can get legal costs covered. Of course the insurance taker has to pay the premium, but that amount usually pales in comparison to what a court case might cost.
Long story short – commercial insurance can save your business – simple as that.