Running a business involves a wide range of responsibilities for the welfare of its employees and clients. Business activities affect these stakeholders in costly ways. Therefore, as a business owner, you should acquire insurance to protect your enterprise from any financial risk. Here are some of the importance of having business insurance.
Helps Keep Your Business Running
Insurance helps cover losses of equipment and buildings. Small Business Owners Insurance also helps a business by protecting it against loss of income. This ensures the business will survive a serious disaster. Business insurance should also include protection to pay workers.
Protects the Welfare of Your Employees
The most asset in a business apart from the products offered to the market is the employees. It is beneficial to you as a business owner in several ways as it pays to protect their well-being in case of an accident. It is also required by law that you should include worker’s compensation that caters for disability. Protecting your employees’ interests is a way of protecting your interests too.
Helps Enhance Your Credit History
Small businesses can obtain loans by using the insurance policy as collateral. The loan issued, however, cannot exceed the cash value of the policy. Insured persons have the benefit of getting more loans since the insurance companies are certain of payment at their deaths.
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Helps Attract and Retain Employees
Business insurance does not only protect your business in times of ‘ups and down’ but it also attracts and retains qualified workers. Job seekers seek jobs with benefit packages that include life and their welfare. Offer these benefits if you want to minimize turnover in your business.
If you would to like to discuss your options for small business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.