Are you an entrepreneur hitting record growth or just a solo proprietor getting started with new side gig? In any case, there are few things that every business owner should consider and one of them is a business insurance. An insurance is great way to protect your business assets and the people who work for you, and in some cases, have an edge over your competitors. In fact, depending on your industry and location, sometimes insurance is no longer an option but a legal requirement.
The most basic insurance that your business needs is a General Liability Insurance. While most companies misunderstand and underappreciate it, what they don’t realize is that they are putting themselves at risk by not having this policy. If you, too, are contemplating whether you need a General Liability Insurance or not, take a look at the signs below and make a decision for yourself.
Sign no.1: Your Business Has Cash Flow Issues
Business often struggle with cash flow, especially when they are just starting off. This means that they will have a hard time keeping up with their payment or might not be able to make them, at all. Eventually, they can get sued for not paying the bills in a timely manner, no matter what the circumstances are.
General Liability Insurance protects you from any third party lawsuits and financial hardships, in case you are unable to meet your commitments. This can prove to be a lifesaver in some cases.
Sign no.2: Your Work is based in a Hazardous Environment
Working in a hazardous environment can lead to injuries, which can at time be more serious than you think. To find out if your workplace is hazardous, here are few things to look for:
- The presence of dangerous chemicals
- The presence of heavy equipment
- Being in a high-risk industry.
If your workplace meets any of the above criteria, it is important that you take necessary protection measures. For instance, if you are in the construction industry, it is especially important to have insurance that protects you from accidents. Since it’s a high risk industry, accidents happen all the time. If your property gets damaged or someone gets hurt in the process, you will be responsible for paying the damages.
Sign no. 3: You Have a Physical Location Where Customers Visit
If you have a physical location/s where customers visit, you are at a constant risk of a lawsuit. How, you ask? Think about it; what happens when a customer visits you and they slip or fall or break an arm? They will end up having significant medical bills that you will be responsible for. With a General Liability Insurance, these potential lawsuits will be taken care of.
Sign no. 4: You Are Looking To Grow Your Business
Having a General Liability Insurance helps you secure a lone or license that you will need when you are looking to grow and take your business to the next level.
Summing It Up;
If you are not sure you need a General Liability Insurance in California, the above signs will help you tale a decision. Remember, at the end of the day, obtaining the General Liability Insurance is worth every penny, so make a smart decision.