To insure your business or not insure your business? That is the question.
Ask experienced business owners about the perils of operating without insurance and you’ll find this safety net is essential. Here’s why.
Important Financial Protection
Making money is the point of doing business. If you operate a business without insurance, your entity won’t have sufficient financial protection. As a result, a single lawsuit could bankrupt the business, ultimately closing its doors.
The Worthington Carroll Agency, serving Port Jervis, NY and surrounding areas, is here to help prevent that outcome. It starts with commercial insurance tailored to your unique business.
Moreover, if the business is not a limited liability company (LLC), your personal assets will be at risk in the event of a lawsuit. Pay the reasonable monthly premiums to insure your business and you’ll enjoy invaluable peace of mind.
Legal Penalties
It is also possible for business owners to be fined and possibly even jailed for lacking sufficient insurance. Sometimes, the failure to obtain commercial insurance in the form of professional liability insurance and workers’ compensation insurance constitutes a violation of the law. There is even the potential for that violation to be considered a felony.
Consider Your Business’s Lease
Your business may rent its space as owning in Port Jervis, NY is expensive. If you don’t obtain the necessary commercial insurance, your landlord may eventually end your lease. At a bare minimum, your business needs general liability insurance and property insurance to continue operating in a leased space.
Your Reputation Is on the Line
Even if you are willing to take the financial and legal risks associated with running a business without insurance, consider the additional ramifications. If word spreads that you are not insured, a significant number of clients and other businesses will refuse to work with you.
A damaged reputation greatly reduces your chances of securing customer patronage and business partnerships.
Get a Quote From the Worthington Carroll Agency
We provide commercial insurance for businesses in and around Port Jervis, NY. If you own or manage a business in the area, give us a call for a quote.
