Insurance. You do not want to think about the bad things that can happen in your business, but you need to have a plan in case something does happen.
Unfortunately, not all business owners do. In fact, 44% of small business owners have never had any type of business insurance.
If you own a small business, one type of coverage you may want to have for it is general liability insurance.
What is this? How can it help your business? These are a few ways it can benefit you.
Financial Flexibility
One of the biggest reasons why you need to have liability insurance is to give your business the financial flexibility that it may need. This is especially the case if you have a new business.
The first few years are vital to get your business off the ground. Over 65% of businesses fail after 10 years.
With that rate of success, you need to give yourself every layer of protection that you can. One reason why businesses fail is that they do not have the financial capital to survive an unforeseen event.
In this situation, it could be someone trying to sue you. Let your insurance company take care of these costs if someone does have a successful lawsuit so you can use that money where you really need it for your business.
Flexible Policies
Another reason why you should get general liability insurance is that there are flexible policies for this type of insurance.
An example could be if you need insurance for a potential scenario where your business gets hacked and sensitive data gets released. Certain businesses may be more vulnerable to this than others, and you may need a policy that could better protect against this.
What about if you are a business that is more likely to have an accident on-site? Certain policies can help you be prepared to face this situation more than others.
Long-Term Success
Going off of the point above, having liability insurance can help you stay on the path of achieving your long-term goals. If you do not have to worry about dedicating extra assets to a lawsuit, you can continue to use them for what you originally wanted to.
An example of this is to expand your business by paying for a new facility, new equipment, and a lot more employees than you may have had before. Being able to avoid this pause in your business plan can allow you to have success in your business a lot faster.
Get General Liability Insurance
These are three of the biggest reasons why you should get general liability insurance. It allows you to have flexible policies for your needs, flexible finances to dedicate to other parts of your business, and potential long-term success because you were able to keep these finances in place.
Do you want to find the right business insurance for you? Get a quote from us today.