Why Liability Insurance Is Essential For Small Businesses

Liability Insurance Frisco TXIf you’re a small business owner and you think there’s no room in your budget for liability insurance, think again. Every day, small business owners either lose their businesses or become the target of lawsuits–or both–because they don’t understand that liability insurance shouldn’t be thought of as optional. Consider these types of events that could devastate your uninsured business:

Damage To, Or Loss Of, Structures or Inventory

Burglaries, fires, storms that bring high winds and flood waters and other natural and unnatural disasters can devastate your business in a matter of hours.  Though you can plan for some events, like not locating your business in a flood zone or installing security systems, they are often unavoidable no matter how many precautions you take.  Liability insurance can protect your assets and keep you from having to rebuild your business with your own money.

Loss of Key Personnel

Because you have a small business, you likely rely on the knowledge, experience and contacts of one or two key employees.  What happens if one of those employees becomes ill or dies?  Liability insurance that covers loss of key personnel can give you some financial breathing room that will keep your company going until that person recovers or until you can replace him or her.

Employee Theft

According to the 2015 U.S. Retail Fraud Survey, employee theft is the single biggest cause of loss to retailers.  Even if yours isn’t a retail business, there’s a good chance that one or more of your employees are leaving your place of business with some of your inventory, office supplies or equipment.  Liability insurance can help when those losses begin to add up.

Loss of Business Income

If you suffer some kind of disaster, like storm damage or fire, that keeps your business from operating as usual, business interruption insurance can help with daily costs like rent, salaries and other incidentals so that your business will be ready to go once you finish rebuilding.

Damage to Business Caused By You or Your Employees

Even the most conscientious team can make mistakes. If you or one of your employees backs into your building with the company vehicle, or someone forgets to turn a faucet off in the bathroom at the end of the day, you could end up with significant damage to your business.  Commercial vehicle insurance and general liability insurance can protect you from losses caused by accidents.

Cyber Attacks

As a small business owner, you may not think of yourself as being a viable target for a cyber attack, but in reality, every company that uses computers to do business is vulnerable and yours is no exception.  Not installing firewalls and virus protection software on your computers, not monitoring your employees’ use of the Internet and not purchasing cybersecurity insurance can put your business at risk for serious losses.

Of course, there’s no way that you can imagine any of these things happening to you or your business, but most small business owners who have lost everything felt the same way when they bypassed getting all the liability insurance they needed.  Find out how liability insurance can protect your business investment by calling the Anthony Blackmon Agency in Frisco, TX, at (469) 291-9006.  You can also get a quote online at www.anthonyblackmonagency.com.

Liability Insurance Frisco TX
Anthony Blackmon Insurance Agency
9191 Kyser Way, Suite 200
Frisco, Texas 75034
(469) 362-8484

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