Sunday 22 July 2018

Should You Insure Your Property Tax Consulting Firm?

By Mary Robinson


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 Breaking The Law: Some elements of business insurance are usually required by law in most jurisdictions. Failure to comply in this regard could lead to fines and criminal penalties. Even if that isn't the case in your area, the lack of coverage could still lead to your exclusion from public contracts.

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.

Liability Coverage: Without insurance, any liability claim that matures into a lawsuit can end up crippling your business. Even if you end up winning the court case, the cost of doing so could be high enough to land the killer blow. And while being insured won't eliminate the risk of facing a lawsuit, it's the only way to minimize your exposure to the same.

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?




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