Can You Afford to Go Without Business Insurance?
Every company faces everyday risks. Depending on the type of business you run, you may need to be more or less protected than others. But no matter what type of business you have, you need business insurance.
What is Business Insurance?
Like any other type of insurance, this will help you cover financial payouts from things like:
- Property damage
- Loss of income
- Employee injuries and illnesses
During the time of the pandemic, one thing every business should be worrying about is a loss of income and employee illness. If you’re a consumer-facing business, you have to worry about both of these things more than most.
Having insurance to cover times when people may not patronize your store, restaurant, or venue may necessitate the need for business insurance. If you are seeing a healthy amount of consumers, you still need business insurance to cover the chance of an employee catching COVID-19.
Can You Go Without?
The honest answer is no, no business should be without business insurance. The worst situation you can be in is needing business insurance to cover a lawsuit, an injury, or a loss of income, and not having a policy. At the same time, some businesses don’t need as much coverage as others. It’s better to ask yourself how much risk are you taking on by not having business insurance.
You can properly consider this with a consultation with Mazzoni Valvano Szewczyk & Karam. We’re here for Pennsylvania’s small businesses that need someone to help handle what they need and don’t need, and any other processes that have to do with that.
Things you need to consider when deciding if you need business insurance and what kind are:
- Chances of infection in employees
- Chances of infection in consumers
- Loss of revenue during another shutdown
- Property loss due to infection
- Lawsuit by consumer/employee
How likely is it that any of these happen at your establishment? If you own a restaurant, the chances of consumers bringing in COVID-19 and infecting any of your other consumers and employees are high. You’ll want coverage for the time you may need to shut down to clear and make sure all of your staff isn’t infected. This will lead to a loss of revenue you may need financial assistance covering. You also run the chance of a lawsuit by either consumer or employee for being unable to protect them from infection.
If you run a business that does most of its work from home, such as a firm or content producer, you don’t have a place of property that’s of high risk. Your employees also do not have a place where they are all congregating and risking getting infected. If one of your employees comes down with COVID-19, they will not infect others and completely stop your loss of revenue. You still need business insurance to cover the loss they’ll cause you to incur, but your coverage can be less extensive.
What Good Help Can Do
Knowing the risks can not only help you decide what type of business insurance you want, but also allows you to prepare in the chance you need to make a claim and how to best do that during this pandemic.
What can help you even more is an experienced law firm that can help you seek the compensation you deserve to protect yourself and your business. We will review your business insurance policies, especially the fine print, to make sure you get the coverage you need and pay for.
Contact the business interruption claim attorneys of Mazzoni Valvano Szewczyk & Karam today. We serve and protect small businesses across Northeast Pennsylvania.
For more information on how we can help you get compensation from your insurance, see our page.