Automobile insurance coverage can save your organization from many situations that are not the fault of your employee. While he or she may be an excellent driver, it doesn’t mean that everyone else on the road has the same level of competence. While car insurance is a common practice in personal and business expenses, there are more situations that could ultimately damage the functionality of the business without coverage. Just because it hasn’t happened yet doesn’t mean that it won’t happen.
Severe Weather Storms:
All too often, business owners believe their establishment to be safe from certain kinds of weather. Although meteorologists will do their best in order to predict problems before they arise, weather can shift quickly. What was once believed to be a “shower” can develop into a flood that has potential to destroy any building or home resting near various rivers and streams. Even establishments that are more than 100 miles away from the point of the storm have potential to suffer damage. Without insurance coverage, this could be financially devastating for a small or medium sized business.
Business Travel Expenses:
Traveler insurance can help prevent financial complications while employees are abroad. While theft of electronic devices is common during travel, the right insurance could also help you offset a variety of expenses that may come into play. Clothing, personal drug prescriptions, passports, medical emergencies and even trip cancellation costs can be reimbursed allowing yourself and employees to travel knowing that your insurance can help you financially should something happen. Otherwise, the costs to replace those items could quickly mount up while reducing the employees efficiency due to stress and time. The amount of stress experienced may be amplified should someone lose a passport while overseas.
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While you may try to provide the most safe atmosphere for your business practices, accidents happen. In a world where people are eager to sue corporations in court for negligence, not having liability coverage could be very detrimental. If a patron slips on ice outside of the doors to the business, an employee accidentally loses client property, or someone becomes ill due to eating at your restaurant, the business can be financially liable for reimbursements. This may also include court costs and other fines. Regardless of the type of business you operate, it’s always suggested that you have some kind of liability coverage that can help protect your assets when accidents occur.
Worker’s Compensation Insurance:
Depending on your area and the type of business you operate, Worker’s Compensation Insurance may be mandatory. If it’s not, it’s still a good idea to provide some kind of insurance for employees that may be hurt on the job. Without this benefit, the organization could be sued which may cost the business more than what the insurance premiums would have been in the first place.
There are many facets to the business that could benefit from insurance. Travel, weather and personal negligence are difficult to plan for as they can happen without notice. Don’t assume that your business won’t be affected by various problems that could arise. Any insurance is better than none at all, and it could prevent financial insolvency in the worst case scenario.
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