Owning a business is an exciting and fulfilling investment, and like any investment, protecting it is important. One way to protect your new business is to ensure that you purchase and maintain a top-quality insurance policy. However, you might decide that commercial insurance isn’t affordable, causing you to consider foregoing it. Here are the possible consequences of going without commercial insurance coverage:
You Could Be Sued
There are many reasons why a customer, visitor, or other person on your business’ property might bring a lawsuit against you. Perhaps the person was injured while on your property or felt wronged somehow. Regardless of the reason, you could be sued. If the person wins the lawsuit and your company is uninsured, you will be required to pay for damages out of pocket.
You Could Lose Your Business
There is no way to predict the possible issues that your uninsured business could experience. You could become involved in a car accident in a company car or experience any number of other possible incidents that could cause you to pay out of pocket to fix it. Whether you must pay for the repair or replacement of a vehicle or something else, costs can add up quickly, which could result in you losing your business.
As you can see, not only is commercial insurance typically required by lenders, but it’s also quite risky to go without it. If you’re seeking a commercial insurance agency for a business in Lafayette, IN, we are available at Blevins Insurance Agency. At Blevins Insurance Agency, we go above and beyond to ensure all our customers’ needs are exceeded, and we want to do the same for you. We provide coverage for Lafayette, IN, and beyond, so don’t hesitate to contact us for a quote.
