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5 Reasons to Have Business Insurance | Keego Harbor

You need business insurance. Plain and simple. It may seem like a headache or stressful, but a company cannot function without business insurance, in many cases legally. Business insurance is a requirement by law and by function of your professionalism and is one of the first things you should do when you start your own business.

There are a lot of reasons out there to have business insurance.

But if you were to go through the top five, that includes legality, credibility, safety for you, safety for employees, and your protection during potential lawsuits you may face as your business grows and evolves.

Below are 5 reasons to have business insurance for your company.

It’s a Legal Requirement

The short of it is that most states require businesses to hold some form of business insurance in order to stay in business. Depending on where you are and what you do, you may require specific types of insurance for the work you do which may be more hazardous than others. Make sure to check your local legal requirements.

Workers Compensation is a no-fault policy. Your employee collects benefits and gives up the right to sue your business.

It Protects Employees

Having business insurance can increase your talent retention. People want to know they will be taken care of if something happens. Business insurance can cover employees who suffer work related injuries and help provide long term benefits if necessary.

It Builds Credibility

Customers and employees both like to see that a business is insured. This is especially important if your company takes on contract work of any kind. If your employees are working in peoples’ homes or at other business, you need to be insured in case something goes wrong. Seeing that you have the ability to pay for any potential damages during a job or project will make customers and clients more likely to trust you and make your employees feel more secure.

It Protects You

Ultimately, insurance is about protecting the business, but it does that in more ways than you think. It protects management from liability. But it’s not just there to protect you in the legal sense. It protects your physical structures from flooding, fires, hurricanes, and other natural disasters or “acts of god”.

It Helps You During Lawsuits

The longer you’re in business, the more likely you’re going to be handed a lawsuit at some point. It’s just part of owning a business. But no matter what the lawsuit is, insurance can be a huge benefit when a lawsuit comes around. Insurance can help cover legal costs and if someone is hurt on your property, insurance can pay the bills, so you don’t have to.

Related Questions

Does business insurance expire?

Yes. Like any insurance, coverage can lapse which results in gaps of coverage or complete loss of coverage. So, you need to make sure you’re keeping on top of your insurance coverage schedule.

What does insurance cost?

This will depend on a lot. It will depend on your state, the type of work you do, and the level of experience you have. General liability may start at $50/month with additions like payroll and sales.

Questions? Talk to your insurance provider about potential business insurance for your company. If you live in Michigan, Complete Insurance Services is happy to help.

Complete Insurance Services Keego Harbor provides the best insurance protection at the most reasonable price. We understand businesses in the community and offer insurance packages for all sizes of businesses with tailored programs to fit their needs.

Our Business Insurance Products include general liability, commercial property insurance, commercial umbrella insurance, business auto insurance and more. Call and speak to an insurance expert about your options today! Free Quotes

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The team at Complete Insurance is ready to provide personalized, no-obligation quotes for all your insurance needs.

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Joe Morrison
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Walker & his staff at Complete Insurance Services are second to none. We get personal, timely service on top of unbelievable rates. Have happily recommended them to family, friends & colleagues. If you need insurance, look no further!!
Sarah Shock
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Walker and his team have gone above and beyond for our family on multiple occasions. By far the easiest company I have worked with for communication.
Aaron F.
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I have been insured by Auto Owners Insurance through the Complete Insurance Agency for more than 10 years. John and his staff have helped me through a few houses and a couple of claims. Top notch service from a very professional organization. Thank you for all of your service !
Kim Simmons
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Best insurance agents I've ever dealt with. I've got my auto and homeowners with them. A few homeowners claims with no problems. Every time I call, they treat me like family and quickly respond to my requests. I have , and will recommend them to anyone.
Sheryl Parker
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Great pricing and good service. Very knowledgeable.
Dave Trish
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Walker is fantastic. Quick to respond and always finds the best rates.
Dominic Jr C.
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Simply the best service anyone can ask for. Been with them for 24 years. Looking forward to 24 more!
Zada F.
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I like the fact that this is a family owned and operated business. They have helped to individualize my auto and home insurance needs. The staff is always helpful in answering my questions. Iv'e been with the company for over twenty years.