You’ve got a solid business plan. Your budget, financial projections, and marketing plan are current. Your plans have contingency plans.
Basically, you’ve thought of everything, planned for everything, and can’t imagine anything surprising you.
If you don’t have business insurance because you think you’re ready for anything or because you’ve calculated the odds of something happening, you could be in for a big shock. It only takes one freak accident or one random lawsuit to ruin a business.
Still not convinced? Take a look at these 5 reasons you need to insure your business.
Your business is growing.
For years, your business was run by only you, and now you’re hiring someone to help. Congratulations! Now you’ll need a workers’ compensation policy. If your employee gets hurt on the job, their medical expenses and lost wages will be covered, and you’ll be protected from a lawsuit.
Anything can happen.
It doesn’t matter if your neighborhood hasn’t seen a break-in in years, all it takes is one burglary to wipe out your entire business. Maybe you’ve never had a fire, but one bad wire can demolish your building. Anything can happen, and when it does, you have to ask yourself if you can afford to replace everything that’s been lost - the building, the inventory, the equipment, etc. With a business property insurance plan, you can focus on rebuilding, not the cost.
A customer slips on your business’s walkway. A vendor falls off of a ladder. Guess who they might blame for their accident? You and your business. A general liability policy protects you from lawsuits and covers the costs for bodily injury and damaged property of customers, vendors, and other non-employees.
“That car came out of nowhere!”
How many times have you said or heard that one? Now imagine you sent your employee to pick something up for the office, and they got into an accident. Their personal auto insurance policy may not pay their claim. Commercial auto insurance isn’t just for a company with a fleet of cars. You need it when you or your employees use your vehicles for business purposes.
Anyone can sue at any point.
A disgruntled customer doesn’t like how you handled their accident in the store. A former employee still complains about an old work injury and thinks you should pay for it. Your delivery person dinged someone’s car in a parking lot. These are just a few examples of things business owners are sued for on a daily basis. You can either foot the cost of an attorney and any settlement or you can make sure you have the right insurance policy to take care of it for you.
Very few businesses can afford even one claim whether it’s from an accident, burglary, or something else. Even fewer can afford the settlement and court costs of a lawsuit. Your best option is a solid Charlotte business insurance policy to cover your unique needs.
When you’re ready to figure out your options and get the best coverage for your business, contact us here at Charlotte Insurance. We’ve been protecting North Carolina businesses just like yours since 1992, and we can help you, too.