You have put time, energy, blood, sweat, tears, and money into your small business. Of course, you want to protect it - and it’s the smart thing to do.
But what are the benefits of business insurance, exactly? We will cover some of those here.
Some examples of financial loss:
Replacing or repairing damaged property or machinery, due to fire or theft.
Protecting your business from the costs of a lawsuit.
Providing coverage for an employee who got injured while on the job.
Without the right insurance, you and your business would be on the hook for any of these situations.
Showing customers that you are fully insured, licensed, and bonded shows that your business is professional and can be trusted to do an excellent job.
Depending on the industry, some businesses are required to have insurance to win certain contracts. Being fully insured can also be a helpful negotiation tool in some cases.
In our increasingly litigious society, lawsuits can happen at any time, from anyone. This might include customers who injure themselves on your premises or product or a customer who experienced financial damage due to your service.
The proper business insurance can cover you, not only from any damages awarded, but legal fees as well.
Business income insurance covers your business income in the event of a natural disaster or act of god that stops you from being able to work for a period of time.
For instance, if you are a car mechanic whose shop is destroyed due to an earthquake, business income insurance would cover the lost income while the building was being repaired.
The right workers compensation insurance not only protects your employees on the job, but helps with retention and attracting quality employees while hiring.
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There are many different types of business insurance policies, and the best way to know that you are properly protected is to speak to a qualified agent.
Independent insurance agencies like RG Insurance are able to quote with multiple companies, offering you price flexibility and the ability to custom tailor a quote based on your unique needs.
We have served the Maryland community for over 20 years, and we would love to help you with your business needs!
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