At Bates Hewett & Floyd, a Palatka Insurance Agency, we understand that some people may be hesitant when it comes to getting an insurance policy for their business. That’s because a vast majority often think they don’t or won’t need it. There are those who argue that it is simply not worth the cost. Others rationalize their decision of not purchasing insurance, by putting it off until later on. In addition, you will find several other excuses people will make when it comes to obtaining insurance policies. But, no matter what the rationale may be, they all come with risks. These top 10 reasons why every business needs insurance will shed light on those risks. Plus, they will also show why it is imperative for businesses to have insurance. Some of these factors about insurance, apply to personal insurance and homeowners insurance as well. Keep in mind that no matter how successful your business may be, disaster can strike at any given moment. In some cases, when this happens, it can result in you having to shut your business down. Most businesses obtain insurance for that same reason; it protects them from unforeseen risks and damage. The Small Business Administration (SBA), along with many other
Keep in mind that no matter how successful your business may be, disaster can strike at any given moment. In some cases, when this happens, it can result in you having to shut your business down. Most businesses obtain insurance for that same reason; it protects them from unforeseen risks and damage. The Small Business Administration (SBA), along with many other experts, recommend having and maintaining an insurance policy for your business. Palatka business insurance, offered by BHF, boasts some of the best rates in the market. There are also our Palatka personal insurance policies. No matter what type of insurance you need, below, are ten reasons why having it, is so crucial.
It Is Required By Law –
Regardless of what you may think about having insurance, the truth is that it is the law. In some states, not having business insurance, can result in several penalties. Your business may be fined, penalized or face “Cease and Desist” orders. You can also face criminal or civil prosecution. Moreover, your business can end up being excluded from public contracts. The SBA clearly states that business who have employees, need to have insurance policies in place. They are disability, worker’s compensation, and unemployment. The laws do vary, depending on which state your business is located.
Unforeseen Events –
There have been millions of people who lost all of their investments in a business, due to unforeseen events. From floods to fires, tornadoes, and hurricanes, things that can go wrong, and those reasons are too many to list. Acts of God are unforeseeable and impossible to know when they will happen. Being prepared for the worst – no matter what that may be – is the only way to be ready for when disaster strikes.
Symbolizes Credibility –
Having business insurance can make your company look credible. Both customers and clients, will not hesitate to do business with you. In their eyes, they will feel as though you are a safe bet. Clients and customers need peace of mind. They need to know that if anything goes wrong, they will be covered. Having your business insured builds trust and credibility.
Avoid Being Sued –
In today’s world, litigation is very common. Not having business insurance, can leave you open for lawsuits. All it takes is one claim of liability, and you could end up losing your business. In some cases, even when the company won the lawsuit, they still went out of business. That’s because of the money spent on putting up a legal defense. Obtaining liability insurance, will give you protection from all of these issues.
Peace Of Mind –
Knowing that you are fully or partially protected – depending on your insurance policy – can provide peace of mind. This is another reason why having an insurance policy for your business, is a great idea. A business owner can afford to shift the risk, by taking on business ventures. They know that if anything goes wrong, their insurance will cover them. Plus, lenders often demand and require insurance.
Provides Protection For The Little Guys –
Big companies can afford to take hits or go through problems. On the other hand, if you are a small business owner, you cannot. Having business insurance in place, helps to protect a small business. Big companies are always doing what they can to swallow the competition. Especially the small business people. Obtaining a business insurance policy, protects you and your company from them.
Monetary Benefits –
Numerous business owners have had to close down their companies, due to business interruption. These may come due to a disaster, an owner becoming too sick to run the company, or disabled. However, if you have business interruption insurance active, you will be covered. That can mean monetary benefits for you and your family. These certain types of insurance policies, can cover a range of needs, should you become disabled or ill.
Some Contracts Require It –
There are many instances, where contracts may require that you have a business insurance policy in place. Some landlords have policies which may not cover your business, if you rent or lease. In some cases, you may need to borrow money from a financial institution. Whether it is for operations, equipment or inventory, a lot of contracts require that you have insurance. Other clients will not work with any business which does not an insurance policy.
Provides Employee Protection –
One of the most valuable assets every business has, are their employees. When you have business insurance, you protect them. In addition, it is also required by law that you have worker’s comp. And if you’re concerned about expenses, there are sometimes ways to pass on the costs. In the long run, you will protect yourself and them, from liability and lawsuit claims.
It Is The Right Thing To Do –
You still many need another reason why you should have business insurance, homeowners insurance or personal insurance active. If that is the case, then it is because it’s the right thing to do. Having insurance protects you, your business, employees, clients, customers and their immediate families, one way or the other.
Here at Bates Hewett & Floyd, we can help you choose a Palatka Business insurance policy that is right for you or your company. We have been in the Palatka, and surrounding areas, insurance market for decades. We have been providing top quality business insurance to Florida residents for years. Also, St. Augustine homeowners insurance policies as well. Call or visit us today to let one of our Palatka insurance experts, help you get the protection you need.
About Bates Hewett & Floyd
When you think about an independent insurance agency in Northeast Florida, you probably think of a small to medium size office run by a family or a few employees. If you have never visited or been inside Bates Hewett & Floyd, you have not experienced the big picture. With 30 employed professionals we are one big family (some blood, most not) that spans three offices and are spread throughout the many facets of insurance that Bates Hewett & Floyd.
Contact Us for your insurance needs, today.