If you own a business, you probably invest a lot of time and money in it.
You do that because you believe in your product or service and think that you can make a profit overall.
It would be terrible if something happened to your business that required you to spend your hard-earned profits on remedying the situation.
Luckily, if you buy business insurance, you will be protected from several different unfortunate events and the financial burdens that come with them. But, if you do not get business insurance, you face major risks.
What does business insurance cover?
There are many different insurance plans out there. Every business is unique, so they all have different things that they need covered. Here are some examples.
Similar to home insurance, property insurance covers your assets. Depending on what you get covered, property insurance may cover the repairs if something happens to the building in which your business operates. Also, if your business requires the use of machinery, insurance could cover the cost of repairing them if they break.
Additionally, if someone commits robbery, arson or any other crime that results in the loss of your assets, business insurance can cover at least some of the cost of replacing what was stolen or destroyed.
If your business requires the use of vehicles, you should get them insured. Similar to property insurance, vehicle insurance can cover the cost of the damage to your vehicles. Even if you and your employees are incredibly safe drivers, a car accident can happen. You don't want to be burdened with the entire cost of repairing your vehicles if and when it does.
Liability insurance covers a business in case something goes wrong with the product or service due to negligence. If your company makes a mistake that affects its performance or the quality of its product, especially in a way that could be harmful to consumers, you could get hit with a lawsuit. Liability insurance can cover the costs involved in that.
Workers' compensation protects your business from the costs of an employee getting injured on the job, which includes both medical expenses and reimbursement for loss of labor. Providing workers' compensation is required by law in Papua New Guinea, so investing in workers' compensation would also protect you from potential fines for not providing it to your employees.
Is the money I would save worth the risk of being uninsured?
No, it's not.
Of course, you don't think that any of these terrible things would happen to your company. But the truth is, everyone thinks that, and bad things can happen to anyone.
No matter how careful you are, mistakes and accidents can happen and disasters completely out of your control can strike.
Investing in insurance for your business not only protects it from the unexpected, but it gives you more freedom to build your business in the present.
If you invest in business insurance, you don't necessarily have to save large sums of money in case of an emergency. You could instead spend some of that money on things that your business needs right now. That, in turn, can bring in more clients and help your business grow, making you more money in the long run.
Protecting your business from disasters can give you the peace of mind that you need to take the risks you actually want to take.
TPAL is dedicated to making insurance accessible for everyone. We know that there are all kinds of budgets out there, and we are prepared to help you find the business insurance plan that fits yours. Contact us today to learn more.