Do You Have General Liability Insurance? Not Having It Exposes You To These 3 Challenges
Everybody and their granny own a business now. Multiple streams of income are what the populace is chasing after and they aren’t stopping until they secure that extra revenue stream.
While the work ethic is commendable, great haste can translate into a great waste — a waste of time, energy, and money. As such, due diligence must be done.
Depending on your niche, having insurance is worthwhile. As stated before, many people are looking for opportunities to make an extra dollar.
This includes con-artists, too.
A genuine mishap may also occur, and not having the proper insurance could stunt the growth of your business.
Some of the risks that you might face without insurance to back you up are discussed below.
- Without liability insurance, you are exposed to injury claims
Injury claims happen often. Studies show that 2.8 million injuries were reported between 2018 and 2019.
And while 2020 saw a drop in workplace activity, the number of injuries per 100 workers remained the same at 2.8. The scary part is that this statistic has been the same for the past 3 years.
This means that your chances of being sued aren’t going down for the foreseeable future and not having insurance could land your business in a lot of debt!
2. Without liability insurance, you forfeit the chance to partner with big companies
In the world of business, partnerships happen all the time. However, some factors end partnerships before they even happen. The lack of insurance is one of them.
Not having insurance is like saying, “I don’t care what happens, I’m not going to take responsibility for any unfortunate events that occur in my work environment.”
In the eyes of potential partners and investors, you’re now a risk. And nobody wants to partner with any entity that carries significant risks.
3. Without liability insurance, you compromise the safety of your customers
The safety of your clients while in your establishment or the care of your services can make or break your business.
Apart from good customer service, people want to know that your company will take full responsibility for any damages caused.
No insurance is a red flag, and depending on the nature of your business, could stifle its growth. Getting the right insurance is imperative!
Finding affordable liability insurance in Orange County, CA, can be quite a challenge.
Fortunately, Cal Commercial Insurance can help businesses get the insurance they need at affordable prices.
