Running a business has its own stressors. While it may seem like an added cost, having business insurance could alleviate some of that stress.
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Having business insurance makes sense. It’s not an expense that businesses can do without, and regardless of whether you are operating a large plumbing business or you are a lone plumber out on the road with your bakkie, business insurance is vital.
Here are five things you need to know:
- Protect your stuff
Every company has items of value – a computer, a bakkie, toolboxes, instruments and more. What would happen if any of these were stolen or lost or damaged? These are things you need on a daily basis to get your income. Getting comprehensive insurance for these items takes care of those rare occasions where you have to replace any of these valuable items.
- Protect your income – and that of your employees’
In 2020 when the pandemic hit the world, many businesses closed and staff were let go. Getting insurance that protects income and the salaries of your workers means that if any kind of disaster (like Covid-19) were to happen, you have some financial wiggle room to keep yourself and your staff afloat for a time.
- Protect your data and IP
We live in an age where hackers and cyber attacks are a sad reality. Including insurance that protects you from data breaches guards against damage to your reputation and instils confidence in your clients, knowing that their personal information is safe in your hands.
- Protect yourself from legal action
It’s not something we would like to think about, however it may happen that a client may pursue legal action against you, or you may need to pursue legal action against them. Whichever way you cut it, insurance that covers legal action will put you on a much firmer footing, giving you peace of mind that these stressful matters are in the hands of professionals.
- Protect your workers
Workers Compensation is extremely important in the plumbing profession where injury and illness might occur. Your employees will benefit from it and appreciate you for it. It’s also mandatory for many businesses to have. The people who work for you are arguably the most valuable tool you have at your disposal. Make sure that they are looked after.
References
- The Importance of Insurance in Business: Top 10 Reasons (robinwaite.com)
- Importance Of Insurance For A Business in South Africa – Compare n Review
- Why Do I Need Business Insurance? (thinkinsurance.co.uk)
