Business owners have a lot of responsibility, and obtaining insurance for their businesses is one of them. Business insurance protects you from suffering unforeseen financial loss. Far too many businesses fail to obtain insurance and are faced with various fines and lawsuits because of it. Let’s take a look at some important info for those who have questions about Business Insurance in Ann Arbor.
It’s important that you know business insurance is necessary even if you’ve just opened. Some business owners believe that it’s okay to open without insurance, because nothing bad could possibly happen in such a short amount of time. Many new businesses have faced catastrophic tragedies before even opening their doors. Some businesses are required to have insurance before they open. For instance, having numerous workers may require you to have insurance, and some landlords won’t allow you to occupy their space without your own business insurance.
Another misconception is that Business Insurance in Ann Arbor isn’t vital for small businesses because they don’t have any major assets. This isn’t true. Even if you’re not a multi-million dollar company you still need to protect your investment. Your business is just like your car or home; just because your house isn’t a mansion, or your car isn’t an expensive sports car, doesn’t mean that they shouldn’t be insured, right? Your business is how your make your income, and without it you could begin to have financial problems. Business and Home Insurance in Fenton is simply a layer of protection for your investment.
Business insurance is also important if you have workers. Not all business are required to have coverage like workers compensation, but it’s still important nonetheless. What would happen if one of your workers became injured on the job, and these injuries left them in the hospital for weeks? That worker would likely ask you to pay for their medical bills and lost wages. Some workers simply decide to hire a lawyer in order to receive a very large settlement. Lawsuits like this can ruin a business. With workers compensation insurance there’d likely be no need for a lawsuit at all. Business insurance can cover all expenses related to a worker’s injuries.
