It takes hard work to start a business and keep it running. Unfortunately, many circumstances beyond your control could put your hard-earned assets at risk. Your company needs the appropriate business insurance coverage for your peace of mind and to protect your employees, products, and profits. Below are five reasons to purchase or update your business insurance plan.
5 Reasons Your Company Needs Business Insurance
1. Meet Legal Requirements
If your company has employees, you don’t have a choice about purchasing insurance. In fact, you are required by Nebraska law to carry worker’s compensation insurance for your employees. Additionally, all drivers must be insured. If your employees will drive your vehicles for business, you will need to purchase a commercial vehicle policy.
2. Protect From Natural Disaster
Even if your business isn’t located in high-risk hurricane or tornado areas, a regular storm could still cause serious damage to your property. It’s important to insure your company’s assets from flooding, too. This includes real estate property, company cars, equipment, raw materials, and finished products.
3. Lawsuit Coverage
There’s not a lot you can do to prevent a lawsuit if someone decides to take your company to court. However, you can ensure that you have adequate business insurance coverage to help you with the legal expenses. Liability insurance also protects your company’s assets if your company is required to pay for damages as a result of the lawsuit.
4. Guards Key Employees
Companies can purchase life insurance for key employees or business owners. If you took out a substantial business loan, you may even be required to purchase such insurance. This type of policy protects you if one or more of your valued employees is no longer capable of running your business.
5. Theft Protection
Even if you conduct due diligence and vet new employees thoroughly, you may not be able to completely safeguard from internal theft and embezzlement. Similarly, if you’re running a store with valuable products, there is always a possibility that something can get stolen. Business insurance would cover your belongings, which can save your company if the thievery was substantial.
If your business insurance does not fully cover your assets, call First State Insurance Agency today at (402) 979-7585. Their experienced agents will help you get the coverage you need to keep your business running. Visit one of their three locations in Beatrice, David City, or Hickman NE. They will obtain quotes from different insurance providers to get you the best coverage at the right price. Visit their website to see the full range of products they offer.