Risk-taking forms an inherent part of being an entrepreneur, and your case is no exception. As the proprietor of a growing property tax consulting firm, you probably look forward to taking risky moves, albeit ones with a high reward potential. This is (probably) going to be one of the contributors to your success but, even with an optimistic mind, it can lead to unfavorable outcomes. On that note, it's worth taking a look at the reasons why you need business insurance:
Protecting Employees: This becomes necessary as soon as an entity grows large enough to require more hands on deck. It's at this point that the manager(s) take on the additional responsibility of protecting their employees' livelihood. In your case, carrying the relevant insurance policies will remove the financial burden of this role from your company's concern.
Symbolizes Credibility: Being insured will make both your current and potential customers feel as though you're a safe bet. In other words, it will cast aside any doubts that might keep them from choosing you over other options. This might not be what immediately springs to mind at the mention of coverage, but it's part of the benefits package nonetheless.
Avoid Legal Trouble: In some areas, failure to carry certain types of coverage can result in several penalties. This could range from cease-and-desist orders, to exclusion from bidding for public contracts. Other jurisdictions take this a step further by imposing civil and criminal penalties. Bunched together, all these aspects make it clear that you're better off paying for insurance.
It Will Help You Secure Loans: Granted, not all institutions make insurance a requirement for extending business loans. However, there's an emerging financial industry consensus that not having coverage demonstrates misplaced priorities on the proprietor's part. You don't want this to present an obstacle when it comes time to apply for funding, do you?
Liability Coverage: Without insurance, any liability claim that matures into a lawsuit can end up crippling your business. Even if you end up winning the court case, the cost of doing so could be high enough to land the killer blow. And while being insured won't eliminate the risk of facing a lawsuit, it's the only way to minimize your exposure to the same.
Ensure Business Continuity: It's hard to list all the events that could get in the way of an continuous business process. What's more important to keep in mind is that there's just no way to guarantee yourself of immunity to calamity. Having the right types and levels of coverage can be the difference between enduring a temporary interruption and facing the prospect of winding up. As always, a stitch in time saves nine.
Granted, taking out a comprehensive coverage plan won't fit well into your cost-cutting strategy. However, the need to safeguard what you've worked so hard to build should be enough to justify the expense. Besides, it's your job as a consultant to provide a role model for other businesses. You don't have to be a rocket scientist to see how insurance fits into this picture, do you?
Protecting Employees: This becomes necessary as soon as an entity grows large enough to require more hands on deck. It's at this point that the manager(s) take on the additional responsibility of protecting their employees' livelihood. In your case, carrying the relevant insurance policies will remove the financial burden of this role from your company's concern.
Symbolizes Credibility: Being insured will make both your current and potential customers feel as though you're a safe bet. In other words, it will cast aside any doubts that might keep them from choosing you over other options. This might not be what immediately springs to mind at the mention of coverage, but it's part of the benefits package nonetheless.
Avoid Legal Trouble: In some areas, failure to carry certain types of coverage can result in several penalties. This could range from cease-and-desist orders, to exclusion from bidding for public contracts. Other jurisdictions take this a step further by imposing civil and criminal penalties. Bunched together, all these aspects make it clear that you're better off paying for insurance.
It Will Help You Secure Loans: Granted, not all institutions make insurance a requirement for extending business loans. However, there's an emerging financial industry consensus that not having coverage demonstrates misplaced priorities on the proprietor's part. You don't want this to present an obstacle when it comes time to apply for funding, do you?
Liability Coverage: Without insurance, any liability claim that matures into a lawsuit can end up crippling your business. Even if you end up winning the court case, the cost of doing so could be high enough to land the killer blow. And while being insured won't eliminate the risk of facing a lawsuit, it's the only way to minimize your exposure to the same.
Ensure Business Continuity: It's hard to list all the events that could get in the way of an continuous business process. What's more important to keep in mind is that there's just no way to guarantee yourself of immunity to calamity. Having the right types and levels of coverage can be the difference between enduring a temporary interruption and facing the prospect of winding up. As always, a stitch in time saves nine.
Granted, taking out a comprehensive coverage plan won't fit well into your cost-cutting strategy. However, the need to safeguard what you've worked so hard to build should be enough to justify the expense. Besides, it's your job as a consultant to provide a role model for other businesses. You don't have to be a rocket scientist to see how insurance fits into this picture, do you?
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