Small business owners often struggle with the costs of insurance premiums. After all, small businesses frequently wrestle with the budget required to start and operate their business. Some small business owners think of insurance as an expensive necessity, sort of like a tax.
Despite the perception of some, business insurance is essential for all businesses because it protects the risk embarked upon by the business owner. Every entrepreneur is a risk-taker that faces innumerable challenges every day. Insurance improves the odds that the owner will face crippling losses due to fires, accidents, theft or other unforeseen events beyond the business owner’s control.