personal insurance Lakeland

5 Risks of Going Without Business Insurance

Most people have health insurance for themselves and their families, homeowner’s insurance for the home, and auto insurance for a personal vehicle. Therefore, it makes sense that business owners need insurance as well. Events may cause anything from a business interruption to a costly lawsuit, and in some cases, they put companies out of business. Below are a few risks of lacking Business insurance Lakeland.

Violating the Law

The biggest risk of operating without small business insurance Lakeland is that it may violate state and local law. Many cities, including Lakeland, have specific laws on business insurance, including worker’s compensation and other types of coverage. Other places may require policies such as general liability insurance, which protects companies from lawsuits.

Leaving Employees Unprotected

Worker’s compensation insurance isn’t just required by law; it provides employees with important protection. If a worker is hurt or becomes ill because of his or her job, the company may incur thousands in medical bills, and the employee will lose income. Furthermore, a business owner may be held liable if a worker files a lawsuit to help pay for their damages. However, with worker’s compensation insurance, this risk is mitigated.

Financial Implications

If a business owner has no coverage and there’s a catastrophe, they’ll pay for repairs out of pocket. Anything from a small fire to an accident involving a fleet vehicle may cost thousands of dollars to remedy. With the right business insurance policy, owners will protect themselves and their companies from the unexpected.

Business Interruption

Another thing to think of, apart from the expense of covering an unexpected loss, is an interruption of daily operations. A business interruption insurance policy provides coverage if something happens to a building or a company’s inventory. However, if the company doesn’t have this type of Business insurance Lakeland, the owner may end up paying for repairs and losing income every day.

Property Loss

Business owners also risk the loss of assets and property when they don’t have enough insurance. Without crime insurance or property coverage, a company may lose its assets in the event of theft, vandalism, fire, flood, or a natural disaster. With the best commercial insurance Lakeland, owners can hold onto their most important assets.

These are just some risks business owners face every day. When selecting business coverage, consider risks unique to the industry as well as those that may be less common. For more information or to request a quote, call the office today.