7:09 PM
Unknown
If you're like most entrepreneurs, you're always looking forward to taking risks that have the potential to unlock long-term benefits. That was probably your main reason for launching your own property tax consulting firm in the first place, wasn't it? Much can be said about how risk-taking is crucial for success but, like is the case with other business decisions, a well-intended move can lead to sour outcomes. This should be enough to convince you to insure your venture, but there are other reasons why you should consider it:
Provides Employee Protection: It doesn't matter how many of them you have or whether they're skilled/non-skilled -- your employees are your company's most valuable assets. With that in mind, it's your obligation to look after them as you would other investments. Having the right insurance policies will go a long way towards protecting your employees' livelihood.
Symbolizes Credibility: Being insured will make both your current and potential customers feel as though you're a safe bet. In other words, it will cast aside any doubts that might keep them from choosing you over other options. This might not be what immediately springs to mind at the mention of coverage, but it's part of the benefits package nonetheless.
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.
Higher Chances of Securing Loans: The financial industry consensus is that insurance should be part of a comprehensive risk management plan. As such, most institutions will insist on you having coverage before approving your loan applications. Otherwise, you'll either be denied funding or slapped with a higher-than-normal interest rate.
Avoid Being Crippled By Lawsuits: Without insurance, a single liability claim might be all it takes to bring you down to your knees. What's worse, this can happen even after you've secured a favorable outcome in court, thanks to the high cost of putting up a legal defense. The only way to sterilize this risk is to obtain a liability cover.
Ensure an Uninterrupted Business Process: From political instability to the forces of nature, there's just too many external forces that could throw your business off balance. And while there's much you could do to prevent certain occurrences, there's no way to prevent every possible permutation that calamity can assume. That said, insurance can be the difference between a temporary gap in operations and permanent closure. Ultimately, subscribing for the relevant coverage before disaster strikes will be a smart move on your part.
In an era where cost-efficiency has become increasingly necessary, it's hard to see why you should take out a full portfolio of coverage. However, this is the only way to safeguard the investment into which you've put so much money and time. It's also worth considering that other organizations look up to you as a consultant for inspiration. Do you want them thinking that you don't care about your future?
Provides Employee Protection: It doesn't matter how many of them you have or whether they're skilled/non-skilled -- your employees are your company's most valuable assets. With that in mind, it's your obligation to look after them as you would other investments. Having the right insurance policies will go a long way towards protecting your employees' livelihood.
Symbolizes Credibility: Being insured will make both your current and potential customers feel as though you're a safe bet. In other words, it will cast aside any doubts that might keep them from choosing you over other options. This might not be what immediately springs to mind at the mention of coverage, but it's part of the benefits package nonetheless.
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.
Higher Chances of Securing Loans: The financial industry consensus is that insurance should be part of a comprehensive risk management plan. As such, most institutions will insist on you having coverage before approving your loan applications. Otherwise, you'll either be denied funding or slapped with a higher-than-normal interest rate.
Avoid Being Crippled By Lawsuits: Without insurance, a single liability claim might be all it takes to bring you down to your knees. What's worse, this can happen even after you've secured a favorable outcome in court, thanks to the high cost of putting up a legal defense. The only way to sterilize this risk is to obtain a liability cover.
Ensure an Uninterrupted Business Process: From political instability to the forces of nature, there's just too many external forces that could throw your business off balance. And while there's much you could do to prevent certain occurrences, there's no way to prevent every possible permutation that calamity can assume. That said, insurance can be the difference between a temporary gap in operations and permanent closure. Ultimately, subscribing for the relevant coverage before disaster strikes will be a smart move on your part.
In an era where cost-efficiency has become increasingly necessary, it's hard to see why you should take out a full portfolio of coverage. However, this is the only way to safeguard the investment into which you've put so much money and time. It's also worth considering that other organizations look up to you as a consultant for inspiration. Do you want them thinking that you don't care about your future?
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.
0 comments :
Post a Comment