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.
Provides Credibility: Your dealings with clients are contingent upon this element to a large extent. To be more specific, people need to know that you're a safe bet before doing business with you. Having your business insured will therefore translate to more fuel for growing and sustaining your client base.
Avoid Trouble With The Law: Some jurisdictions have laws mandating businesses to carry certain types of coverage. Penalties for non-compliance can include "cease and desist" orders, fines and criminal prosecution. Even where that isn't the case, entities that aren't insured are often excluded from public contracts. It goes without saying that these penalties outweigh the price of obtaining coverage.
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?
Covering Liability: You'll never be too far away from facing a lawsuit for as long as you're still in business. Court cases can go either way, but what's beyond doubt is that the cost of being involved in one can derail an organization of any size. Much to your relief, however, having the right insurance cover will minimize your likelihood of facing such a grim scenario.
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.
Provides Credibility: Your dealings with clients are contingent upon this element to a large extent. To be more specific, people need to know that you're a safe bet before doing business with you. Having your business insured will therefore translate to more fuel for growing and sustaining your client base.
Avoid Trouble With The Law: Some jurisdictions have laws mandating businesses to carry certain types of coverage. Penalties for non-compliance can include "cease and desist" orders, fines and criminal prosecution. Even where that isn't the case, entities that aren't insured are often excluded from public contracts. It goes without saying that these penalties outweigh the price of obtaining coverage.
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?
Covering Liability: You'll never be too far away from facing a lawsuit for as long as you're still in business. Court cases can go either way, but what's beyond doubt is that the cost of being involved in one can derail an organization of any size. Much to your relief, however, having the right insurance cover will minimize your likelihood of facing such a grim scenario.
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?
About the Author:
Get a summary of the factors to consider when picking a property tax consulting firm and more information about a reliable firm at http://www.taxrecourse.com/services.html now.