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Dangers of Operating a Small Business without Buying Insurance

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Operating a Small Business without Buying Insurance


The type of business you operate will determine the kind of insurance you must purchase, if any. However, even if your state doesn’t require insurance for your small business, it’s vital for your brand’s reputation and your company’s safety and finances. Below are some of the benefits you can receive when you buy insurance for your business.


In a perfect world, floods, fires, and other disasters wouldn’t exist. However, these issues do occur, and without insurance, your business could suffer. For example, if the office building catches on fire, you could not only lose valuable files, but the office furniture and vital equipment could also burn. Replacing or repairing these items is often expensive and could set your company back thousands of dollars or more, depending on the type of equipment and the significance of the natural disaster. A good business insurance policy can replace the damaged items or offer an affordable option that allows you to get back to business without too many expenses.

Accidents & Injuries

Regardless of how safe you are and how much you monitor your office space, accidents happen, and those incidents can lead to minor or severe injuries. Having insurance to cover your employees can save you time, hassle, and money. If your workers are injured while on the job, insurance can help, and the type of assistance will vary from policy to policy. This may apply to visitors or consumers who come on your property as well as current and potential clients.


Some team members may sue your business for slander or discrimination. Even if these claims are untrue, it could be costly to fight them in court. However, having a good insurance policy in place could mean the provider helps with the claims and does everything possible to ensure your business remains protected. 


Some small businesses experience theft, both internal and external. Employees may steal documents and products or use services without paying for them. In other situations, thieves can burglarize your business and steal essential items that are very expensive to replace. Insurance can cover your property in the event of theft by employees or random burglars. It’s always best to speak with an insurance provider’s representative to determine what’s included in a policy before choosing the plan that meets your needs best.

Lost Income

Some situations, such as a pandemic or a need for repairs, could cause your building to shut down. During these periods, you may not be able to sell products or provide services, and the loss could set you back financially. However, many insurance policies will cover the loss of income and help your business stay on track instead of losing revenue and being forced to shut down permanently. Evaluate your business and choose a policy that helps with your current and future needs. 

If you need high-quality, reliable commercial insurance, call on the experienced team at Altra Insurance Services. We provide a variety of insurance products, including business, homeowners, motorcycle, and auto insurance National City. No matter what your insurance needs are, we can help. Call one of our friendly agents today at (800) 719-9972. 

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