We often hear people complaining about the cost of insurance, but when it comes to your business, the cost of not having it can be devastating. Just imagine what would happen to all your work and dreams if your business was suddenly wiped out by flood or fire, or some other act of nature. What about if an employee was injured or worse while at work? Or what if your revenue suddenly dropped due to road or street repairs in front of your business that prevented your customers from coming in? Perhaps vandals threw rocks at your shop front and smashed it or stole your goods.
The loss that you would suffer from with all these and many other risks would be so high that your business may never be able to recover. When compared with the cost of insurance premiums it is easy to see which is best. Another problem that often occurs is businesses trying to keep down their insurance costs by insuring for much less than they need. Then when they finally get their payout, it is not enough to repair and start up their business again. Insurance is not the place to try and save on costs.