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Every small business owner has invested hundreds of hours of time and considerable financial resources into building their company, all of which could be wiped out by a single lawsuit or natural disaster. A good business insurance policy tailored to your needs can provide the protection you require, helping you keep your doors open if the unexpected occurs. Below are just a few of the reasons every entrepreneur should insure their business.

4 Reasons to Carry Business Insurance

1. Legal Requirements

Depending on your local and state laws, the industry in which you work, and the number of employees you have, you might be legally required to carry worker’s compensation, unemployment, and other types of insurance to protect your employees and the general public. Some equipment, like construction machinery and company vehicles, also has to be covered by commercial insurance policies.

2. Protection From Lawsuits

business insuranceAlmost every business is exposed to legal liability, from customers injured on your property to disputes with partners and contractors. Without sufficient liability coverage, you could find yourself paying for these damages out of your own pocket, which could put you out of business.

3. Coverage for Natural Disasters

A flood, fire, or serious storm can force you to close your doors, especially if you don’t have coverage to pay for repairs. Not only will business insurance compensate you for any damages, but it will also replace lost income and pay your employees while repairs are underway.

4. Shield Against Personal Losses

Most small businesses rely on their owners to keep things operating smoothly, and yours might have to close down permanently if you’re involved in an accident. Many business insurance policies will replace your lost income and even provide funds that allow someone else to purchase your interest in the organization if you’re disabled or pass away.


 

Since 1958, business owners throughout Hawaii have turned to Mutual Underwriters for reliable coverage and guidance from professionals who will ensure you get a policy perfectly tailored to meet your needs. With offices in Honolulu, Waipahu, Maui, Kona, and Hilo, their team of experts is available to help you select a business insurance policy that will provide the protection you need and the peace of mind you deserve. Visit their website or call (808) 532-2888 to learn more.

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