Why Is It Important to Have Business Insurance?
Aug 19, 2020
What is the importance of Business Insurance?
Getting insurance can be overlooked in the busy hustle of starting a small business and being an entrepreneur, especially if you're not sure what are the advantages to having business insurance. To help explain why having business insurance is important, let's take a look at this Globe and Mail interview where having insurance saved this entrepreneur's business. During an unexpected event, disasters like floods or fires could wipe out your entire operations and your products in an instant - especially if you're a small, home business. For Dawn Mucci, founder and chief executive officer of Lice Squad, flooding damaged her home office and her company products - forcing her to act fast and move her operations upstairs to her dining room. Dawn and our Foxquilt co-founder, Karim Jamal, talk about why is it necessary to have business insurance for your small business:
Why is Business Insurance Necessary? How It Helped This Business Owner:
Flood in entrepreneur’s home could have sunk her business
“Everything was taken care of. I was pleasantly surprised. The only thing that wasn’t taken care of was my stress,” says Ms. Mucci, founder and chief executive officer of Lice Squad, which offers eco-friendly products and services across Canada to cope with lice.
About 45 centimetres of water filled the bottom of her Innisfil, Ont., home, damaging everything from electronics to her company’s products and forcing her to move the operation to her dining room one floor up.
“It was very upsetting,” Ms. Mucci recalls. "But you have to keep your operation going. You’re not just supporting yourself, you’re supporting your franchises. Having a reliable and good insurance provider was critical. You have to think of these things when you’re a business owner.”
Foxquilt Co-founder and Chief Financial Officer Karim Jamal says many entrepreneurs don't realize how quickly a flood, fire or liability case could derail their company's growth if they don't have proper coverage. "Small businesses are so mired in growing and making revenue that [they] tend to overlook some of the things that could disrupt the business," Mr. Jamal says. "It's a cliche, but having insurance is about having peace of mind."
Creating a business empire isn't just about growth and sales but overcoming the obstacles ahead too. A disaster can strike whenever and severely set back your business; we hope that this real-life lesson from a small business owner helps explain what are the benefits of having Business Insurance. It helped Dawn Mucci bounce back, have peace of mind and continue growing her business after her home office flooded. To protect your business, you can choose amongst many types of coverages such as General Liability Insurance, Professional Liability Insurance (E&O), D&O Insurance and Cyber Insurance. At Foxquilt, we help small business owners and entrepreneurs protect their businesses with smarter coverage tailored to their needs and with savings on their premiums. Get a quote today to start protecting your business!
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