As a small business owner, you probably spend most of your time on sales, marketing, production, and client acquisition. While those things are key to small business success, you must also address the need for worker’s compensation insurance for small groups and commercial insurance in Tucson that protects your business and employees in case of injury. Consider these three reasons your business needs the protection of commercial and worker’s compensation insurance.
You may not own a manufacturing plant or warehouse, but even a service-based business can benefit from worker’s compensation insurance. A slip and fall accident, an automobile accident while on the job, or an injury due to malfunctions from routine office equipment can pose as much of a financial risk to your company as a major industrial catastrophe. An employee lawsuit for lost wages and injury can leave your small business with crippling debt or potential bankruptcy without the right protections in place.
While the health and safety of your employees is an important part of small business commercial protection, your business assets need the same kind of diligent safeguarding. Even if your business has some form of corporation status, a lawsuit from an employee or client can still lead to a financial disaster. Protect your assets by carrying insurance that covers losses, lawsuits, and other damages and lets you recoup losses while you recover. It’s a smart, legal move to protect your personal assets from worker’s compensation claims in Tucson as well. Without the protection of small business insurance, you can still incur significant costs defending yourself against legal action – even if you win.
Let’s take a look at the other side of the legal coin. Suppose a vendor, service provider, or careless employee causes injury to you, your business, or your equipment. Commercial insurance will help you recover losses in the event that the party at fault has no – or inadequate – insurance coverage. The right insurance can protect your brick and mortar location or your online or technology business and eliminate the risk of the other guy’s lack of insurance coverage. No matter what your small business model, you have invested substantial amounts of finances in inventory, equipment, and property, and these assets must be protected to ensure the continued health and growth of your company.
Of all the legal and technical reasons above, the number one reason to have a small business and worker’s compensation insurance for small groups and employees is the peace of mind it affords. It’s easier to concentrate on the business you’ve built when you know your company, its resources, and its employees have an umbrella of protection all of you can rely on. Our experienced insurance agents can help you choose the right level of commercial insurance in Tucson that is essential for stability, strength, and that invaluable peace of mind you’re after. Commercial business insurance is not legally required for everyone, but it is more than beneficial, it’s a small business must-have. Contact us today to get all the coverage and protection your business deserves