Being a business owner is full of risks as well as rewards. Whether you run a large corporation or a growing startup, you’re constantly exposed to a variety of vulnerabilities, many of which have the potential to cause devastating financial loss. To ensure your assets and your company’s reputation are adequately protected, it’s essential to devise an effective risk management strategy that includes the right business insurance. Here are some of the top reasons to invest in a policy.

Why You Need Business Insurance 

1. Protect Yourself Against Lawsuits 

Lawsuits are filed against businesses every day. Under certain circumstances, a single ill-timed lawsuit could force your company to close its doors for good. General liability coverage will provide protection for third party claims of bodily injury or property damage. Your policy will take care of the legal fees associated with your defense and any judgments you’re ordered to pay.

2. Recover From Property Loss

In the event of damage caused by fire, lightning, inclement weather, theft, or another peril named in your business insurance policy, you’ll receive the necessary funds to rebuild or make repairs to your company’s building. You’ll also be able to replace the equipment and inventory that were inside. Otherwise, you’d have to pay for these expenses out of pocket. 

3. Recoup Lost Income 

Should your business have to shut down for any length of time following a disaster, you may lose a substantial amount in revenue. Fortunately, business interruption insurance is designed to help cover your lost profits and any expenses you continue to incur during your downtime. This will let you keep your finances in order until you begin netting income again.

4. Comply With the Law 

In Georgia, most employers with three or more full-time, part-time, or seasonal employees must carry workers’ compensation insurance. This ensures employees are financially protected after suffering an occupational illness or injury. Failing to comply with this legal requirement can result in hefty fines. In some cases, it can even lead to criminal penalties. 

Regardless of your company’s size or industry, business insurance is vital to its continued success. For assistance putting together a policy that sufficiently reduces your risk, turn to Advantage Insurers. Based in Cornelia, GA, they’ve worked with countless entrepreneurs throughout Habersham and White counties to provide high-quality and competitively priced coverage. Call (706) 754-1590 to request a quote, or visit them online for more information on the variety of products they offer.