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Saturday, 23 July 2011

Top 3 Reasons Why You Should Have Business Insurance

There are many reasons why business owners should have business insurance. It not only protects you against property damage, but ensures that you and your employees will not be sued in the event that you become liable for something on your business property. While most people are pretty familiar with auto, home and life insurance, commercial enterprises also deserve protection. 

1. Liability
In the event that an individual seriously hurts themself on your property, you could be stuck with thousands of dollars in medical bills. It could be as simple as someone slipping on a wet floor; you could become legally responsible for the individual's injuries. Business owners who claim that they don't need insurance because "they won't get robbed" or "there's no way a fire will start in my shop" should consider that any business could be sued if it is held responsible for an accident on its premises. For this reason alone, business insurance is an essential component of any operating budget. 

2. Property
The property in which your business resides is often the single greatest financial investment you'll make in your life. To leave your property exposed to chance could be to risk your life savings and the revenue source that provides for you and your family. It is one thing to risk your own livelihood, but as someone providing for a family, it is incumbent upon you to ensure that your business is protected. Don't leave yourself open to disaster: include business insurance in your operating budget and be secure in the fact that your business' physical space is protected. 

3. Tax deductible
Not only will a business insurance plan protect your enterprise from physical and legal damage, but you can write-off your premiums as well. This fact may alleviate some concerns that insurance is simply an unaffordable added cost; while you may be paying a monthly premium for peace of mind, you can also lower your taxable income by doing so. 

When it comes to your business, don't risk property damage or liability suits. For a relatively small amount of money, you can be sure that your commercial enterprise will remain profitable through the hard times and the good. 

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