Whether you’re a sole-proprietor, a solo-preneur, or any other trendy name that is given to one-man or one-woman businesses these days, business insurance shouldn’t be overlooked.
You might think because you have a small business you don’t need business insurance. While it definitely seems like a way to save money on your expenses, in the end, it could harm your business financially. You could even find yourself facing horrible legal troubles … personally.
Legal Troubles Without Business Insurance
Let’s say something bad happens and you or your business is responsible. You could find yourself facing a lawsuit that could bankrupt you. You’ll spend money on an attorney, and you’ll find yourself taking time away from your business to handle the legal aspect of the problem. Keep in mind, depending on your state’s laws, you could be required to carry certain kinds of business insurance, which could force you into a completely separate legal issue.
The Financial Impact of no Business Insurance
The whole point of owning your own business is freedom. Freedom and income. If you make enough money from your business to live comfortably, that could all change because of one event. Your business could suffer financially as a result of not having insurance. That freedom could be gone in the blink of an eye. You could find yourself having to take out a loan just to cover the cost of a lawsuit for something that was beyond your control.
Having to rebuild your small business can cost a great deal of money, and it could take you quite some time until you see profits once again. Whether you suffer a lawsuit or a fire or any event in between, you may have to close your business permanently if you can’t afford to cover the costs.
It Can Affect Your Family
Your family most likely relies on your income from the business to put food on the table. If anything should happen to your business, you leave your family without the means to pay the bills. You protect your family with affordable business insurance.
Protecting Your Assets
When you’re a small business owner, you’re on the hook personally for your business. That means you’re putting your home, cars, and savings on the line. If you don’t have insurance, you may need to sell your assets to cover the expenses.
Small Business Insurance and Your Livelihood
You never quite know what will happen in the future to your business. Insurance protects you from many of the events that could potentially take your business away from you. Imagine the devastation you would have if something would happen to the one thing about which you were most passionate. Starting over takes an emotional toll on you, and it could even affect your health.
Your Sense of Security
When you own a business, no matter its size, insurance gives you a sense of security. It reduces your worry, so you don’t always have to stress over something over which you have no control. When you don’t have business insurance, you always have to fret about the what-ifs.
Contact Brashears Insurance for a business insurance quote and you could prevent this from occurring. Call us at (805) 564-7645 and ask for one of our associates. Don’t forget to consider worker’s compensation insurance as well if you have even one employee.