“The world might not truly end without business insurance, but it’s no place I’d like to live.”
If you own a business, you probably hate business insurance. It’s an expense and a hassle you’d rather not have to deal with. I don’t blame you. In today’s business world, every dollar counts and spending dollars on business insurance is NOT helping you grow your business.
But is that true? Is business insurance really nothing more than a hinderance to the growth of your operation?
I would argue that business insurance is one of the few expenses you pay that actually allows you to grow your business.
Business insurance allows you to take risks…
…and growing a business involves risk.
Without business insurance, the risk is often not worth the reward.
The risk of hiring new employees, adding a new locations, and adding new products – none of these business growth risks would be possible if business insurance didn’t exist.
Maybe that’s not true, but far fewer business owners would be willing to take these risks if they weren’t protected by business insurance.
What would our community look like if local businesses didn’t take risks?
Barren. Stale. Stagnant. Deserted.
If our local businesses didn’t take risks to grow, we would live in a ghost town, devoid of forward progress or momentum. No risk means no growth.
Without Business Insurance
Without business insurance, Tom Nardacci, President of Gramercy Communications, wouldn’t be able to purchase and operate the Troy Downtown Marina. Here’s a marina, in the heart of Troy, that over the years has been consistently reduced and diminished, forgotten by the yearly migration of Yachters that traverse the Hudson River.
You don’t think Nardacci and his partner Jeff Buell are taking a risk?
Sure, they are. It’s business insurance that allows them to take that risk knowing that an unforeseen accident or natural disaster won’t ruin their investment.
Marina and Dock Insurance does have a few special caveats to it, but for the most part it’s simple commercial general liability insurance, property insurance and flood insurance policies placed with the correct insurance carrier.
Think of all the things that could happen at a marina:
- Flood waters shift or displace dock pillars,
- Floating debris collides with docks damaging the dock itself or people standing on it,
- Person slips and falls on wet dock.
These are just three examples of very realistic incidents that could occur at a marina and/or dock. Business insurance protects against them all of them and allows business owners like Tom Nardacci and Jeff Buell to take the risks necessary to grow and improve our community.
I’m proud that I get to help business owners take the risks necessary to help grow their businesses.
Thank you and good luck,
Ryan Hanley, CIC