Why Insurance is Important for Entrepreneurs?

So, if you trade yourself to be self employed, the essential benefits that you need include liability insurance, health insurance, disability insurance and a retirement plan. 

Most critical to-do’s for any business owner is to obtain health insurance as soon as possible. The most important reason for this is to protect yourself and your family from losing more than just your good health.

Running a business comes with a variety of different risks, some preventable, and others not so much. Companies could be impacted by several things, from natural disasters to a weak market causing financial problems and client lawsuits, all of which require insurance. Without insurance, businesses could be put out of business almost immediately or be forced to sell. If you are an entrepreneur yourself, it’s essential to know the significant benefits and reasons to get liability insurance for your business.

Without health insurance, your family and business may be one major illness or injury away from financial struggles or even bankruptcy. Over four-in-ten people surveyed by the Kaiser Family Foundation in 2016 said medical bills had a major impact on their families. And nearly one-in-five people with medical bills problems said they declared bankruptcy. This is a devastating consequence for not only you and your family, but for your business – which means your employees, partners, and their families suffer the losses as well.

There may also be legal reasons to acquire health insurance. The individual mandate of the Patient Protection and Affordable Care Act (ACA), requiring individuals to have health insurance coverage or face an IRS penalty, was repealed and will be effective in 2019. The mandate remains for 2018, however.

1.   Protect yourself and your family from losing more than just your good health.

2.   To Protect and Keep Employees, To Avoid the Potential Outcomes of Being Sued

3.   To Keep Your Business Running in the Event of a Natural Disaster

4.   Specific Contracts May Require It

5.   In the Case of a Workers’ Compensation Claim

Protect Yourself and Your Business with Insurance

Insurance is just as imperative for entrepreneurs as it is for CEOs of major worldwide corporations. Insurance will protect your business, saving it from anything that may have the potential to negatively impact it. Keep these tips in mind as you consider the possibility of getting insurance.

As entrepreneurs, we all have massive goals and lucrative visions. However, it only takes a single one of life’s catastrophe’s to delay your vision by years or destroy it altogether. It is always better to have insurance and not need it than need insurance and not have it.

 Source: https://thestartupmag.com/, https://www.thehartford.com/