There are a lot of things that go into starting up and running a small business. One of the things that often gets set as a low priority is small business insurance. This, simply put, is a mistake. You are putting you and your business at risk every moment that you don't have insurance. It may take a bit of time and money to get insured, but it will cost a whole lot more if something should happen and you don't have insurance. In other words, you need to make it a priority.
The sad truth is that there are people out there who think all business owners have deep pockets...and that they should be sued for any reason or no real reason at all. Let's say someone has their shoelaces untied and trips on the sidewalk in front of your store. They could not only sue you, but if they have the right lawyer, they could win a lot of money. The worst part is that it doesn't matter if it's your fault or not. All that matters is how well a lawyer can convince a jury that you should pay for it.
Will they always win such cases? No, they won't. However, there is nothing stopping them from suing you and trying to win. That alone can get expensive, unless you have liability small business insurance. Just having to use it once will make the premium more than worth it.
As a small business owner you don't only have to be concerned about liability, but also about theft. Stuff has a funny way of walking out the door when you own a business. You may be most worried about there being a major break-in after your business closes for the day. And while professional thieves may be a threat, the real problem is shoplifting and employee theft. They may not take as much at any one time, but those small thefts can really add up. Because it is a real threat, your small business insurance policy should cover theft.
You should also have a policy that covers you against fire and natural disasters. These are all things that could wipe out your business in minutes, and they often occur with very little or no warning. There's no question that it would be devastating to lose everything, but it would be even worse if you had no way of replacing it.
With how many things can potentially go wrong, small business insurance is a must. You should have a policy in place before you even open the doors, and you should consider it as a normal part of operating your business. If you already own a small business and don't have insurance, then get it as soon as you possibly can. It could end up saving you from all kinds of disasters; both man-made and natural.