The onset of the coronavirus is an unprecedented situation that has rendered economies in trouble on a global scale.
The US economy has also taken a hit as businesses scramble to maintain some semblance of normalcy in uncharted waters.
With economic uncertainty, businesses are clamping down on expenditures to continue their business operations by minimizing losses. This also includes refraining from renewing their business insurance.
But is this a wise step for your business? Let’s take a look at why business insurance is more important than ever today.
Client Cash Flow Issues
Whether you’re a contractor or a salesperson, all good working relationships between your business and your clients are being tested in this period of fiscal uncertainty. To recoup losses due to a lack of sales, you need a cushion to land on.
No matter what kind of unfortunate scenario your business finds itself in, business insurance can cover legal expenses or any other damages to help your business save face.
Everybody seems to be low on cash nowadays. This is a cause of concern for businesses, especially those who give day-to-day wages.
Not only has it made retaining workers tough, but it has also opened businesses up to a risk of several contract violations.
Canceling your business insurance during these testing times may be the final nail in the coffin, and you just wouldn’t know it this early on in the crisis.
If you don’t have coverage, you won’t be protected from claims made against your business.
Risk of Injury
Another unfortunate result of the economic downturn is widespread cost-cutting, and more stretched hours for the workforce.
With the pandemic-induced anxiety and the general brain fog, the risk of physical injury to your employees could be high.
If your workers sustain an injury under your supervision, you may have to defend your business from legal claims. Business coverage can avert any hefty amounts or resources you’d have had to pay in such cases.
At Gilmartin Insurance Agency, we offer competitive and comprehensive business insurance packages to protect your business against the risks of the economic uncertainty during the coronavirus.
We’re one of the leading providers of business insurance in Lehighton, Jim Thorpe, Pittston, and Clarks Summit.
You can compare packages from all of our insurance companies to receive the maximum amount of coverage at the best rate.
Get a quote by getting in touch with us today!