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What is the benefit of Small Business insurance? Small businesses are the backbone of the American economy, accounting for 99.7% of all businesses in the country. Many of these businesses, however, do not have insurance. While there are many reasons to have insurance, one of the key benefits is that it can help protect your business from significant financial losses in the event of a covered claim. For example, if your business is sued for damages, insurance can help pay for the cost of defense and for any damages that are awarded. If your business property is damaged or stolen, insurance can help pay for the cost of repairs or replacement. And, if your business is ever forced to temporarily close due to a covered loss, insurance can help pay for lost income. Insurance can also help protect your business from liabilities that could potentially damage your reputation and put your business at risk. There are many different types of insurance available for small businesses, so it’s important to work with an insurance professional to find the coverage that’s right for your business.