Let’s face it. Who’d invest their blood, sweat, and tears into something that will surely fail? No one. Thasts why I recommend to use media.net and adsense together on same blog. Imagine investing all you have – money and time included and just in a few months it all goes down the drain? Wouldn’t that be painful?
A lot of start-up businesses fail to see the importance of getting insurance in the first year of operations. Reasons like getting insurance when the business is smooth sailing or even intentionally not getting one at all in the first few years in the industry are common practices when getting insurance. Sad to say, this is the truth for some young entrepreneurs who are filled with hope and all that positive energy that everything will be fine if they will just work hard enough, patiently, and consistently.
So, if you’re in the advertising business and is still having second thoughts about getting insurance, this article lists several reasons why you should get one right now.
Required by Law
Having business insurance is commonly required by law. In most places, before the issuance of business licenses and permits, the authorized government departments require a small business to get insurance first. However, in some places, it might not be the case. Nevertheless, one must not underestimate the need of getting insurance lest you get into trouble and regret not getting one.
Besides, getting insurance would mean you are protected by law from natural disasters such as floods and earthquakes resulting in the loss of properties.
Once you’re hiring employees, your responsibility not only includes giving them their salaries but also their work benefits as well. Not only that you need to be prepared should ever something unforeseeable happens. Protecting your employees means protecting your business as well.
Consequently, getting insurance for your employees helps you retain them and even hiring a qualified applicant for a vacant position. Job applicants nowadays thoroughly check a business’ financial capability. In an advertising agencies case, comparing ad networks by applicants from other companies can be expected. Having employee insurance might mean to be a competitive advantage against your competitors.
Did you know that you could get sued should a valued customer get injured in your workplace? Your client or a friend of his or her can sue your advertising agency with non-professional negligence and if your luck runs out, they might win the case and you’ll have to pay compensation, morally and financially.
And that’s not all, the said valued customer might even cause residual damage to your company by casually telling her friends about her experience and comparing ad networks from other companies in the vicinity. Naturally, it will hurt your reputation. Not only you had to compensate, you even lost potential customers. That’s double kill right there.
Other clients are as meticulous and ruthless as Miranda Priestly from The Devil Wears Prada. Unfortunately for you, these type of clients wants everything to be perfect- from the font used in a banner to the editing of a digital ad. Imagine staying up all night long, drinking coffee every two or three hours, not being able to see your family in weeks, and making sure that the project proposal is perfect but when the big day arrives the Priestly-incarnate client declined your proposal because you didn’t
have any insurance. Just one small thing and your employee’s Christmas bonus sleighed its way out the door.
Remember, as a small business, credibility is one of the things you can offer wholeheartedly to compete with other advertising agencies. Having insurance that would protect both business and client will surely assure a prospect that their interests and welfare are being taken seriously.
Mitigating Business Risks
Now here is something that might really interest you. Having insurance means having protection against all future lawsuits from your employees, clients, and other ad networks. A competitor may sue you for copyright infringement. A client might file a case claiming fraud. An employee might experience work-related damages or worse death during work. All of these can be shouldered by business insurance.
You might get surprised just how much lawsuit fees may cost you. The case can drag up to many years and instead of steadily gaining profit, you just might lose some money instead.
There are many kinds of business insurance you can choose to get. What’s important is that you choose carefully and wisely whether what type you should get. Also, it’s important to understand how essential and beneficial insurance is to your company. No one can tell the future and no one can accurately predict how well your advertising business will fare in the next couple of years either. So, it’s better to be armed and prepared to ensure that your business will survive and thrive in the industry.