5 Reasons Insurance Is Essential for Your Small Business
Discover the top reasons why small businesses need insurance to stay protected and secure with this article.
As a small business owner, you may be tempted to cut corners and avoid expenses that seem unnecessary. However, one area where you cannot afford to skimp is insurance. In fact, insurance is essential for small businesses for several reasons. Here are five reasons why investing in insurance can protect your business and give you peace of mind.
Related Read: Do You Need Business Insurance If You Incorporate?
Need Insurance for Your Small Business?
Reason 1: Protection from Liability
Small businesses face a wide range of potential risks and liabilities, from customer injuries to property damage. Liability insurance can protect your business from financial ruin in the event of a lawsuit. Without liability insurance, you could be held personally responsible for any damages or legal fees. For example, if a customer slips and falls in your store, liability insurance can cover their medical bills and any legal fees.
Related Read: How to Deal With Angry Customers
Reason 2: Protection for Employees
If you have employees, it is essential to have worker’s compensation insurance. This type of insurance can protect your business and your employees if they are injured on the job. Without worker’s compensation insurance, you could be held liable for any medical bills or lost wages. For example, if an employee injures their back while lifting heavy boxes, worker’s compensation insurance can cover their medical bills and lost wages.
Need Insurance for Your Small Business?
Reason 3: Protection for Property
Small businesses face a range of potential property risks, from fires to theft. Property insurance can protect your business’s property and assets in the event of a disaster. Without property insurance, you could be responsible for replacing any damaged or stolen property out of pocket. For example, if your business is damaged in a fire, property insurance can cover the cost of repairs and replacement equipment.
Related Read: What Business Owners Need to Know About Property Damage Claims
Reason 4: Peace of Mind
Running a small business can be stressful, and worrying about potential risks and liabilities can add to that stress. Investing in insurance can provide peace of mind and reduce stress for small business owners. Knowing that your business is protected in the event of a disaster can help you focus on running your business and achieving your goals.
Need Insurance for Your Small Business?
Reason 5: Legal Requirements
In some industries or locations, insurance is a legal requirement. Failing to have insurance can result in legal and financial consequences. For example, if you operate a construction business, you may be required to have liability insurance to obtain a license. If you fail to have this insurance, you could face fines or legal action.
Related Read: Starting a Small Business in Canada: a Checklist
APOLLO offers effortless insurance for your small business, including commercial property insurance, business interruption insurance, crime insurance, and general liability insurance. Get a free quote on our online platform and we’ll send your policy documents right to your inbox.
Looking to learn more about business insurance coverage? Read our article Do I Need Business Insurance? for more information.
APOLLO Has You Covered
Get the protection you need in minutes with custom Business Insurance from APOLLO.
Originally published May 30, 2023, updated August 25, 2023
Back to APOLLO MagazineGet Tenant Insurance in less than a minute
Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.
Get a free quote
4.6 rating
Get Tenant Insurance in less than a minute
Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.
Get a free quote
4.6 rating
Relevant articles
Getting insured is as easy as 1 - 2 - 3
1
Tell us (very little) about yourself
Just tell us your address, your name, email and phone number. And that's it. We'll give you a price in less than a minute.
2
Pay online easily and securely
You can choose to pay monthly or save money by paying for the entire year in one easy payment.
3
Get your documents in your inbox - instantly
As soon as you complete your purchase, you'll find your proof of insurance and policy documents waiting for you in your inbox.
Get covered today - it couldn’t be easier
We’ve provided more than 1,000,000 quotes to Canadians just like you. Give it a try!