Why Small Businesses Need Insurance

Why Small Businesses Need Insurance

Small businesses often try to cut expenses in an effort to make a profit. The less they spend, the more money they have to grow their business and improve their performance. While it might make sense to cut certain small business expenses, Martin Insurance should be a priority. There are several reasons why small businesses benefit from insurance.

Lawsuits Happen Regardless of Company Size

A lot of small businesses assume that insurance is not necessary because they are not likely to get sued. Lawsuits happen to companies of all sizes. This means a small business has similar risks as a larger business.

Employees Have a High Chance of Filling a Lawsuit

Even if you only have one or two employees, they can still file a lawsuit if something goes wrong. Statistics show that employee lawsuits are actually 1,000 times more likely than a fire. Since this is the case, it is especially important to have Martin insurance. Employees who file lawsuits have a 70 percent success rate. It is also easy for employees to file a lawsuit at no cost.

Juries Award High Settlements

A lot of small business claims involve high settlements from a jury. If you do not have insurance, this amount of money can easily put you out of business.

To protect your small business, it is important to invest in the right insurance. Contact Martin insurance today to determine what policies are right for you.