Running your own company is both rewarding and challenging. While every business is unique, the one thing they all have in common regardless of size or industry is financial risk. There is potential for disaster to strike at any time, which could force your operations to shut down indefinitely if you don’t have sufficient funds available to pick up the pieces and rebuild. This is why it’s important to purchase adequate business insurance. Being properly covered will minimize your losses should an unexpected event occur. Here are some of the top reasons to keep your company protected.  

What Makes Business Insurance a Valuable Investment? 

It Provides Money to Repair or Replace Damaged Property 

In the event of a fire, theft, vandalism, or other type of peril named in your commercial property insurance coverage, you would be provided the money necessary to repair the building your company operates out of and replace the contents that were inside. Without business insurance, you would be responsible to pay for new inventory, furniture, or office equipment out-of-pocket, and it’s likely you would take a major loss on your investment if you own the property.

It Protects the Interests of Employees 

Your employees are one of your business’s most valuable assets. When you buy workers’ compensation insurance, you will not only be in compliance with the law, but will also be ensuring your employees are protected. This will allow them to collect benefits that help cover medical expenses and lost wages should they become injured or ill while on the job. Having workers’ compensation insurance also lowers the chances of getting sued by an employee. 

It Mitigates Loss From Liability Lawsuits 

It’s an unfortunate reality that this is a litigious society, and having even just one lawsuit filed against your company could end up costing you a substantial amount if you don’t have liability insurance. This will provide coverage in the event someone is injured on your premises or you damage another’s property. Your policy will pay for the legal fees involved in defending your businesses and any judgments you are ordered to pay the plaintiff. 

With the right type and amount of business insurance in place, you will significantly reduce the risk your company faces on a daily basis. If you’re in need of quality coverage at an affordable price, the professionals at Goggans Insurance can deliver. For more than three decades, they have provided Scottsboro, AL, entrepreneurs with reliable products from some of the industry’s most trusted providers. They offer a wide range of options to protect every aspect of your venture. Call (256) 574-3440 to request a quote or visit their website to view all the ways you can safeguard your business assets.