When starting a company, there are many things to decide. One of those things is insurance coverage. Having commercial insurance is crucial for a business because it can protect your business from common losses including damage, theft, liability, and employee injury. An agent at Safe Insure Plus, LLC can help you determine the right insurance policy for your industry.
Are there requirements?
You are required in Pryor, OK to have workers compensation insurance, even if you don’t have any other business insurance. If you don’t have this insurance, you could face a number of fines or penalties.
Even if you don’t want to believe it, you could be sued at any time because we live in a litigious society. One lawsuit could mean that your business could fold. All it would take is one accident, broken contract, or disgruntled employee to have a lawsuit. Even if you win, your business could still fold due to having to pay legal fees.
Natural disasters can also occur, and if your business has to close, what happens next? With the right insurance, you can be protected from the loss of income if your business has to shut down normal operation for a specific time frame.
Business insurance helps protect the valuable asset that is your employees. Protecting your employees’ interests also helps protect your company against any liability claims or lawsuits.
Contracts may require you that you have insurance. If you rent or lease the business facility, your landlord may require that you have insurance to cover your liability. If you are borrowing money to finance some equipment, the loan agreement may require you to have insurance to cover the equipment. Depending on the industry, client contracts may also specify that you have insurance.
It’s impossible to predict the future, and that’s why insurance is necessary, whether it’s a natural disaster, injury, or lawsuit, you want to be protected.
Contact Safe Insure Plus, LLC, serving Pryor, OK, to get a quote on commercial insurance.