Your business may go through a variety of disruptions, whether you like it or not. For instance, a client could file a lawsuit, a disaster could destroy your property, or a hacker attack may drain you of your funds.
For these and many other reasons, it is critical to protect your business from the unexpected. One of the ways to do that is to ensure your small business is adequately insured.
Small business insurance minimises disruptions, such as the following:
Lawsuits and Legal Issues
The law requires certain types of insurance to be compulsory for businesses, such as public liability, workers’ compensation and third-party personal injury insurance. Failure to carry the necessary coverage results in fines and penalties, which could cost you more than the price of an insurance policy.
Having your business insured also protects you from costly lawsuits. A liability claim from a disgruntled employee may cause you to go out of business. Having insurance can give you peace of mind as you focus on making your business successful.
Disasters
Insurance covers the losses of your business in the event of emergencies like earthquakes, floods and even the coronavirus pandemic. You are bound to lose money during the time your business is closed but different types of insurance will protect you from loss of income.
Theft
Whether done by an employee or a third party, theft of business property disrupts your daily operations. Having insurance ensures that you’re covered for the replacement of the lost property.
Accidents
Your employee or a key person in the business might get into an accident at work, which may lead to injury, disability or death. Apart from covering you from possible lawsuits, insurance covers expenses for medical treatment.
An accident may also result in damage to equipment and property. Insurance covers the costs of repair and replacement, ensuring the continuity of operations.
Make sure, though, that measures are in place to minimise further accident risks. This will affect the approval of your claim.
Online Risks
Cybersecurity is becoming increasingly critical for businesses, especially those under e-commerce. Insurance protects your business from disruptions caused by hacker attacks or website downtime.
Employee Attrition and Low Productivity
One of the top reasons employees leave their jobs is the working environment. It may be because the environment is not safe, or they don’t feel that their employers are taking care of them. When they think that the company is not keeping their welfare in mind, they lose their motivation at work and might even quit their job.
Insurance gives your employees assurance that they’re covered in the event of an accident at work or if a disaster or calamity forces them to pause their work.
Minimise Disruptions with IMAR Business Insurance
No business can predict the future, so it’s best to be prepared for the worst. With the proper insurance, you can stop worrying, and focus on making your business profitable, productive and successful for years to come.
If you want to get the insurance that fits your budget, choose IMAR’s insurance policies. Get personalised coverage for all your needs at the price you want. If you need to deal with an insurance claim, our team will handle things quickly and efficiently.
Call us on 1800 284 627 to get a quote from one of our insurance experts. We’ll contact you shortly.
