Good fortune and positive thinking will perhaps not protect your venture from losses. Bad things occur to even the most conscientious of business owners. That is why you require business insurance. If one can reasonably envision it happening to their business, then it might just happen. Below are examples as to why you require business insurance.
Reasons to Have the Insurance
- You pull one healthy tooth from the mouth of your patient, and they sue you for medical malpractice.
- Your secretary requires surgery as well as months of therapy in order to correct their carpal tunnel syndrome.
- Your salesman or woman calls a rival an idiot in an interview for a newspaper and jokes that the person has been dating underage boys or girls. Consequently, the competitor sues you for defamation.
- You come to your workplace one morning to discover that all your computer parts have been stolen.
- One of your customers slips upon a just-washed floor on your business premises and breaks their ankle as a direct consequence of that. Although a slip and fall accident can happen due to many reasons, what you have to note is that you can be liable to pay the damages if a “customer” sues you for that.
- Your warehouse employee has been stealing an electronic product and has been selling it from their residence.
- A number of kids show severe allergic reactions after they ate cookie you make and you did not list whey in its ingredients.
- Your business building is damaged due to fire in your area; the damage to your property and equipment keeps you from running for three months. You lose a lot of money due to ongoing business expenses and lost profits.
- When driving one of your clients from an airport to a location where a meeting is set to take place, one of your workers hits a guardrail along the way and injures him or herself as well as the client.
- A senior executive in your business has a heart attack just after you inform him or her of a transfer to a small city and they happen to know that this comes with a pay reduction as well.
- People who have given large sums for charity to your nonprofit organization take legal action against your board of directors itself for mishandling the donations.
- One of your workers leaves a coffee maker on in the property, where you lease office space, and the machine burns it down.
- Your workers have been complaining constantly about feeling unsafe, as the lights in your parking lot have all been burned out. The lights have actually been out for several months in parts because it is a low priority expense and since you continue to forget to take care of the issue at hand. One night, one of your workers gets robbed and beaten severely while he or she was on the way to his or her car.
- Soon after your accountant’s resignation, you find out that he or she has been writing checks to him or herself and family for the last fifteen years.
- A whole shipment of dresses that you have designed as well as manufactured got destroyed by flood in your warehouse.
- Following month-long negotiations, you sign a contract finally for the shipment of products worth a big amount. Shortly thereafter, your property burns down and that led you to cease business operations for several months. You then contacted the distributor, who already invested a considerable amount of money and time into fulfilling your order, only to tell the person you cannot fulfill the obligation. Your distributor then takes legal action against you for a breach of contract.
- Your nonprofit throws a fundraiser that includes wine tasting with your workers and volunteers bartending. Your guests are goaded to drink as much free wine as they like, although they become inebriated as a result. On their way home from it, one of your guests collides with a car and injures a family that consists of four members.
- You fire a worker who was late for work constantly and alienated customers. He or she then sues you for wrongful termination.
- A delivery person who works for United Parcel Service slipped and fell upon your icy driveway when the person was delivering some office supplies to your home office. He or she can also sue for the slip and fall accident.
Consulting with an Attorney
No matter whether a person slipped and fell on your business premises or whether you are thinking about firing a worker for embezzlement, having insurance is very important. Speak to a commercial and business lawyer to find out the type of insurance that you should be having.