Starting your own business is an exciting adventure, but it’s also a major undertaking. Major projects like securing a location, registering your name, and developing a marketing plan can quickly overtake other tasks, making business insurance seem like an afterthought. However, getting the right coverage for your business is crucial for protecting your investments and maximizing your chances for success.

5 Reasons to Buy Business Insurance

1. It’s Required by Law

Depending on your industry, state laws might require you to carry certain types of insurance coverage. For instance, lawyers and accountants might have to carry errors and omissions coverage, and most states, including Illinois, require every employer to participate in some type of worker’s compensation program.

2. It Protects You From Liability

If someone suffers a fall in your store or is hurt by a defective product, the resulting lawsuit could put you out of business, even if you ultimately win in court. Business insurance policies include liability coverage, which will pay the costs of valid claims, along with any fees associated with your defense.

3. It Protects Your Location & Equipment

You’ve invested a lot in your equipment and found the perfect location, but a single disaster could destroy everything you’ve built overnight. If your property or business location is damaged by a serious storm, fire, or theft, your business insurance coverage will cover any losses.

4. It Replaces Your Lost Income

If a storm damages your roof, do you have the capital reserves to keep running while it’s being repaired? If not, make sure your business insurance package includes wage replacement, which allows you to keep covering your expenses until you’re ready to open your doors.

5. It Gives You Credibility

Being able to tell your clients that you’re fully insured will give them confidence, especially if you’re handling sensitive data or working on valuable property. This is especially important for new companies that haven’t had a chance to establish a positive reputation yet.
 

For over 40 years, business owners throughout Monroe County, IL, have relied on Taake Insurance Agency LTD to protect their investments and financial futures. As independent agents, they work for you, offering a broad array of policies from some of the best carriers in the industry. Visit their website for an overview of their business insurance services, follow their Facebook for more advice and tips, or just call (618) 281-7656 to request a quote today.