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Protect your personal finances: If an uninsured business faces sudden hardships, entrepreneurs could be forced to use their personal funds to repair the sinking ship. For example, a business that’s sued for whatever reason will always assume that the owner be personally liable because of their level of involvement in the business. Not having insurance could wipe your finances clean with just legal fees alone.
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Investors appreciate the safety net: A solid business insurance policy is often an element that investors look for before they invest in a business. Besides regular investors, other forms of investors like banks would give entrepreneurs cheaper loans if they know that the business is safe from unforeseeable liabilities.
Specializing in risk management and corporate insurance, Michael Saltzstein served as the Chairman for Risk Management Task Force, Local General Chairman, Local Officials Chairman, and Local Safety Chairman for USA Swimming. He has been a volunteer and official for the organization for over three decades. For more insightful reads on business and investment, visit this page.