“As entrepreneurs, we already know our most valuable asset is time,
but not every entrepreneur knows how to use that time.”
Lewis Howes
The greatest loss of asset wealth is a result of been over or under insured. When a business is underinsured, it is exposed to the risk of not being able to cover the full cost of a loss.
This can lead to a significant financial burden and loss of time, as the business may be forced to pay out of pocket for the difference. And take time to resolve the issue, whether it be the hours spent on earning back the difference or time spent in distress resolving the loss. On the other hand, when a business is over insured, it can lead to unnecessary costs, as the business is paying for coverage that it does not need.
In either case, the business is at risk of losing a significant amount of wealth and time.
did you know? insurance is tax deductible
“Safety isn’t expensive, its priceless.”
Jerry Smith
Not being insured can have serious consequences. Without insurance, you are at risk of having to pay for any medical bills, property damage, or legal fees that may arise from an accident or other incident. You may also be liable for any damages caused to another person or their property. Additionally, if you are involved in a lawsuit, you may be responsible for any legal costs associated with the case.
Without insurance, you may be unable to cover these costs, leaving you in a difficult financial situation. Furthermore, if you are injured in an accident, you may not be able to receive compensation for your medical bills or lost wages. Finally, not having insurance can put you at risk of being sued by another party for damages or injuries caused by you.