Insure your business

An integral part of the expenses of any business is the cost of insurance. You can never predict unforeseen circumstances that could have a detrimental effect on your business. It is clear that any entrepreneur, especially a beginner, strives to save on literally everything. But often this backfires.

A simple example. You choose the cheapest Basic Plan insurance option, which includes insurance for industrial property, damages and financial costs. And then suddenly you were robbed. After all, it breaks where it is thin.

Yes, you bitterly regret that you did not include “Commercial Crime Insurance” in your insurance package, which helps out in case of missing money or goods, robbery and other crimes. But the train, as they say, has left.

So, “Power Pack” includes insurance:

• industrial buildings and structures;

• equipment and means of production;

• manufactured goods.

According to American law, every business is required to have “Workers Compensation” - insurance for workers who suffer an accident during work or as a result of an occupational disease. Business owners who do not have it are mercilessly fined, and sometimes punished with imprisonment, which, however, also does not exempt them from significant fines. If, say, one of the passers-by slipped near your workshop and, falling, injured an arm or leg, you or the insurance company will have to compensate for the damage, if you properly and promptly insured yourself.

You can, of course, close your eyes to everything, relying on “maybe.” But it is worth recalling that most of the bankrupt corporations went out of business only because they tried to save where they should not save. Everyone faces a choice on which the future depends. It is safer to find a professional insurance broker who is truly interested in helping you develop. If this succeeds, consider that half the work is already done!