Is insurance necessary for the businesses?

Discussion in 'Growing and Managing a Business' started by rodsmith, Jun 30, 2015.

  1. PrashantBhurke

    PrashantBhurke
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    Well, it is not necessary to have a business insurance. But I will recommend if for the future. Business insurance will help you in financial crisis or loss, business risks, etc.
     
  2. Gerry Speck

    Gerry Speck
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    Whether you are a successful businessman or just a start up business, a financial crisis could occur at any time. To manage all such crisis the business insurance is must.
     
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  3. gradetracy

    gradetracy
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    • This post has been edited to remove a promotional URL
    It is very important, from my point of view. But I am sure that you have to choose only the best insurance agent for you. For example, the one I've got my insurance from has ACE designation from ACORD. If you know such an agent, you can be sure that he is a really good one
     
    #23 gradetracy, Nov 4, 2015
    Last edited: Nov 5, 2015
  4. Kimmymarkks

    Kimmymarkks
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    It obviously depends on your business, but i would always recommend getting insurance. This will protect you if you get sued etc. If you have a business in which you have company vehicles I would strongly recommend it in case you or one of your workers get into an accident or hurt someone.
     
  5. salvatore12

    salvatore12
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    Hi,

    Actually when you run a business you may have to secure insurance to guard your assets. The type of business you run determines the type of coverage you may need — the requirements vary by state. A few types of policies are common for many businesses, but before you assume it's a requirement, you should consult with a lawyer or insurance agent for details about your specific situation.
     
  6. campbelljof

    campbelljof
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    Hi,

    Insurance is always necessary for every kind of business,the main benefit of insurance is that every business have always some protection, it will help you from all the problems like a natural damage or a damage done by the others fault
     
  7. CherylTorrie

    CherylTorrie
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    Business insurance is a lot like any other insurance. It's there to protect you in case of accidents, theft, building, and or equipment damage. But it's unique in that it can also provide you with income loss protection. Having your own small business is risk that will affect you and your family if you do not have the proper insurance. What happened to your income if your building floods? Do you have an operating line of credit? The bank will want to know it's protected too. And as far as Workers Comp and other employee related insurances, most of those are mandated. Be sure to speak to an accountant who is familiar with your areas employee laws as well as a qualified insurance agent.
     
  8. chelle318

    chelle318
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    Insurance is not required for our business, but is for a lot of others. We still have insurance, though. The biggest benefit of having it is peace of mind!!
     
  9. David Beck

    David Beck
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    Even if you have a successful business, a disaster could occur any time and can ruin your business. So business insurance is necessary to reduce the impact of risk.There are many types of insurance available to protect your business. For a new business owner it would be difficult to think about the cost involved in insuring the business.But every business owner should at least take a basic insurance that will protect your business and livelihood.
     

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