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Team MeetingAs a business owner, you stretch your budget to include the necessities that keep your business running. The list includes stock, vehicles, employee salaries, office equipment, ad campaigns and more. There are a lot of important things to consider, but if insurance isn't on your must-do list, you should probably rethink your priorities. 

Many business owners remain uninsured simply because they don’t think they need insurance. Before you commit to that decision, you should understand that having no business insurance could become one of your biggest regrets.

Damage to your property could put you out of business

The value of building coverage and business property coverage becomes evident when a major catastrophe occurs. Consider what might happen if a fire, windstorm or other disaster damaged or destroyed your business premises and you couldn't afford to rebuild. Even if you don't own the building, your investment in improvements, inventory, office fixtures and supplies could go up in smoke. 

You could lose your employees

If you must suspend your business operations due to an uninsured peril, what will happen to your employees? If you don't have funds to rebuild and your down time is indefinite, your employees will have to move on to other jobs. Business insurance can help get the recovery process going so your employees will know what to expect. In some cases it will help you hold onto key employees by continuing their salaries.

You could lose your income

If you rely on your business to put food on the table, loss of income coverage can help keep your finances in order. It pays business income that's lost while your business rebounds from a covered peril. It could prevent you from having to take on a temporary job to pay the bills. The coverage will also pay certain extra expenses incurred while you rebuild your business. 

A lawsuit could deplete your assets

People sue businesses for falls on the premises, defective products or allegations such as libel, slander and defamation. Even if the case has no merit, a lawsuit can be costly for a business owner to defend.

As a defendant in a lawsuit, you'll have to hire a defense attorney, conduct legal discovery, make court appearances and eventually settle or try the case. If you don't have general liability insurance to cover your liability exposures, you'll have to pay legal and settlement costs out of your own pocket.

Business insurance is important

You have a lot to protect, so business insurance is a must. If getting all of the insurance you need sounds expensive and a little complicated, you'll be pleased to know that a single Business owner’s policy can give you the coverages you need in a single package. Talk to your independent agent for more information.

Get the coverage you need. Call Heritage Insurance at (306) 693-7640 for more information on Moose Jaw business insurance.

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Heritage Insurance, Ltd.
100A Fairford Street West
Moose Jaw, SK S6H 1V3

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