Crossing your fingers and hoping for the best is not the most practical way to protect your business. In the course of any business day, something can go wrong. People make mistakes, machinery breaks down, and sometimes Mother Nature unleashes her fury causing untold damage.
Unfortunate things happen to the most conscientious and practical business owners. The following examples have happened on many occasions to many business owners, some of whom did not have the proper insurance. If you can reasonably imagine any of them happening to you, perhaps it’s time to open your eyes to the benefits of business insurance.
- You arrive at work one morning to find that all of your computer equipment has been stolen.
- One of your employees is interviewed by a local newspaper or television station and makes a defamatory statement about a competitor who promptly sues you.
- A customer slips and falls on a newly washed floor in your offices and breaks her hop.
- One of your warehouse employees has been stealing construction supplies and selling them from his home.
- You forget to list gluten in the ingredients of the candies that you manufacture and a number of children have severe allergic reactions.
- One of your employees leaves the stove in the staff kitchen on and it causes a fire which destroys the building in which your office is located.
- You fire a worker who is constantly tardy and rude with customers. He sues you for wrongful dismissal.
- After the resignation of your accountant, you discover that he has been writing company checks to himself and family members for the past ten years.
- While driving a client from the airport to a meeting, one of your employees has an accident and injures herself and the client.
- An entire shipment of meat worth tens of thousands of dollars spoils after mechanical failure to the refrigeration unit.
- Your company hosts a wine tasting fundraiser for the local community. Volunteers and employees serve as bartenders and allow people to drink as much as they want. One of the guests has an accident after leaving the event and injures themselves and two others.
- One of your warehouse workers needs back surgery and months of therapy after being injured on the job.
- You are sued for breach of contract by a distributor when tornados destroy your warehouse and all goods that were ready to be shipped so that you are not able to fulfill your obligation to them.
These are just some possible scenarios that can affect different businesses, large and small. The truth is that there are as many different possible scenarios for accidents, mishaps, breakdowns, or destructive acts of nature as there are businesses.
Having the proper business insurance coverage can not only protect your business, but the health and livelihoods of you, your family, and your employees. If you can see even one of the above scenarios happening at your place of business, its best you don’t turn a blind eye to business insurance.