As a small business owner, I understand that running a business is already expensive. And one of the last things you want to do is add on expenses for insurance. Many business owners that I have quoted in the past have stated that, prior to being insured with Langlois Insurance Agency, they didn’t have business insurance because they hoped they wouldn’t ever need it. However, there are several reasons why having business insurance is necessary as well as reasons why not having insurance can hurt you. Check out these risks you run below when you try to put off having your business insured.

Breaking Laws

Most of the country has laws stating that businesses must have certain types of insurance or a certain amount of coverage. If you have at least one employee, you must have at least general liability insurance for your business. You may even be required to have additional protection for things such as workers compensation, property insurance if you are located in an area prone to natural disasters, or even coverage against lawsuits. As always, please don’t hesitate to reach out to any of us at Langlois Insurance Agency to inform you on what type of insurance you may need for your business.

Protect Your Employees

You shouldn’t have insurance for your workers just because you are required to. This type of insurance is something all good employers should have because the want to. Workers compensation coverage helps both you and your employees by taking care of them if an accident happens and making sure you are able to afford any medical bills they have from the incident. If you don’t have a workers compensation policy in place, you could be liable for a lawsuit and be out a lot of money. In addition to workers compensation, you will also need unemployment insurance for if your employees are unable to continue work for a while.

Business Interruptions

If anything were to happen to your uninsured business such as a fire or flood, you won’t have any means to recover and you will be left with the financial consequences of repairs and interrupted business operations. So while you won’t be making any profit, you’ll also be losing money if you plan to reopen your business. Insurance can help protect you by covering any losses as well as any lost income during the period that your business will be paused.

Property Loss

Buying property insurance for your business helps you hold onto your most important asset in the event of a disaster: the property you exist on. Without that insurance, you will end up losing possession of your property and be unable to continue operation if anything were to happen to your building.

The risks you take of not having adequate insurance coverage for your business just isn’t worth taking. Please call Langlois Insurance Agency at #815-485-2106 to make sure your business is protected against the unexpected.  We always love hearing from our customers!

Warmest Regards,

Matt Langlois