When it comes to running a startup, it can be an extremely arduous experience. No matter how you slice it, your business will be up against a competitive landscape, making it much easier to accidentally fall into beginner’s traps moving forward. When there are so many different issues that require your attention, it can be quite overwhelming to consider business insurance alongside all the other aspects of business management.
No matter how much of a potential headache it can be, however, business insurance is always worth your focus and attention. That said, for small businesses just starting out, is small business insurance by Next Insurance worth getting? Is small business insurance worth the cost?
The consequences of a lack of insurance :
A good example would be a small business owner utilizing their home as the base of operations. When you have everything covered at home, it can be tempting to put off business insurance for more desirable ventures. However, you would be surprised at how quickly the tables can turn. Here are a few types of insurance, and what can happen if your company is not insured:
Professional liability insurance. Without a doubt, one of the most essential types of business insurance to have, even for startups. Without professional liability insurance, your company is liable to cases from disgruntled clients who are dissatisfied with your services. Even for someone using their home as a base of operations, cases that come from a lack of professional liability insurance is inescapable and expensive enough to tank your company.
General liability insurance. If you happen to have even one employee in your payroll working in your home, the lack of general liability insurance gives them the opportunity to take your money in any case involving an injury. If they happen to slip and fall in your home while performing their responsibility as an employee, it is an immediate grounds for a lawsuit without general liability insurance.
Home-based insurance. Even if you were working from home, you likely have equipment and inventory stored within your house. If anything happens that were to damage your inventory, you would end up with no means of starting again.
Vehicular insurance. While it might not seem like a big deal, there is always a chance that flooding, fires, collisions, or even theft can occur. Not having business auto insurance specifically to handle such situations can result in a loss of assets with no recompense.
Is business insurance worth it for small businesses?
Beyond the shadow of a doubt, a company is vulnerable to all kinds of cases without the right type of insurance. Even if you might only have a business set up at home, if it is unprotected by insurance, you might find everything you have worked for taken away without warning.
Is small business insurance worth the cost? It is absolutely worth every penny. What matters is that you ensure that the insurance provider has your best interests at heart.