As a small business, you have to be prepared for the unlikely and the unavoidable.

That’s why insurance is so important to protect your company in the event someone gets hurt.

It may be an employee, a customer or just a passerby, but it only takes one accident to put a serious dent in your finances.

Why You Need Insurance

An accident can happen in just a matter of moments.

Even if you haven’t done anything wrong, you could end up paying for injuries or damages. While you can fight a claim if it’s truly not your fault, in many cases it’s less expensive to pay up than to pay an attorney to handle your case.

Just imagine all of the scenarios where you might have to pay for an accident.

A customer comes in your store, falls and breaks an ankle. An employee slips on a wet floor and is injured. Somebody falls down in your parking lot on a crack as they were walking to another business.

These events can happen at any time, and your business could have to pay for medical treatment and lost wages or other recompense.

Without insurance, you are left with the bill.

When You Must Pay Out

The problem with many of these accidents is that the decision of who is to blame is left up to the judge if the case goes to court. Most claims agents try to anticipate how the case would go and pay out to avoid the hassle and costs of going to court.

As the article, “Is Your Slip and Fall Accident Eligible for Compensation” says, there are certain times when a claim of injury is likely to result in compensation for the injured.

They include:

  • If you knew of bad conditions to the property
  • If another accident has occurred before
  • When no warnings were posted

Of course, in other situations, if the defendant can prove their case, the business will have to pay out the claim.

Small businesses often don’t think they need insurance, especially if they don’t see customers or clients on the premises.

But think of all the other people who you come into contact with. Vendors, repair people and other visitors could suffer an injury and file a claim.

Even if you work from home, you could have to pay out.

Imagine if a client or delivery driver comes to your home on business and slips and falls. A court could hold you responsible for the medical expenses.

No matter how big or small your business or where you’re located, it pays to have liability insurance. It protects you if you are at fault, and the insurance provider will work to defend you if the injury isn’t your fault.

Protect your small business and your company’s future by ensuring you are insured for any accident that could occur on your premises.

Peace of mind is worth the cost of the policy whether you ever have to pay out or not.

About the Author: Joyce Morse is an author who writes on a variety of topics, including marketing and running a small business.