I’ve put off writing this blog for a couple of weeks now. Procrastination is so easy to fall into: “I’ll write the blog tomorrow when I have more time”. Tomorrow comes but you never have more time.

Have you been putting off buying the insurance you need for your business? Because you are too busy working on your business? Or have you put it off because you are afraid of how much it will cost? I bet you even procrastinated READING this blog post.

Because realistically speaking once you actually read why putting off buying insurance was hurting your business, you knew you might have to do…something. It is so much easier to put things off.

Easier, that is, until it hurts your business.

Here’s the top 3 reasons putting off on buying insurance can hurt your business:

1) The most obvious? If you keep waiting to get insurance you are gambling that you aren’t going to have a loss. A bad wager considering the number of small businesses suffering claims every year. Just because your business is small doesn’t mean the cost of a theft, fire, or slip and fall would be small. Although insurance for a small business is a major expense it is still proportionately a good financial deal in exchange for you getting to continue your business.

Not afraid of statistics? Here’s a link to the top ten claims for small business owners so you can decide for yourself if you can afford to be uninsured at the time of a loss:http://www.propertycasualty360.com/2015/04/09/these-are-the-top-10-property-and-liability-claims

2) Insurance doesn’t get cheaper with time but carrying insurance can make insurance cheaper over time. Yes, that may seem weird and yet its similar to the way your home and auto insurance works – many companies give price breaks for longevity.

In the business insurance world it works a bit different with same results. Your options for more competitive rates are directly related to how long you have previously had insurance and how many claims you have filed. A start up business with no insurance history is a blank slate – something many underwriters either find unappealing or would only be willing to insure for a price.

However that same business a few years down the road may get preferred rates and coverages if there were no claims or only a minor incident to review. The message an underwriter sees in a business that doesn’t carry insurance is one of possible irresponsibility or unstable financial future (also a red flag for most companies).

3) Not having insurance can mean not getting more work for your business or not being able to lease the space you need to operate/expand. Have you had to pass on possible contracts because they require you to carry general liability or worker’s compensation? Have you realized that most leases require you to provide your own general liability as well as possibly protect the building under your insurance? Your procrastination to buy insurance is not only putting your business at risk and not helping with future insurance costs; it is also going to possibly stand in your way of making you more money through new clients or a new location.

So have you just been putting it off because of fear of cost? If you have already gotten quotes and determined your budget will be strained, please consider the 3 ways NOT buying insurance is hurting your business.

If you haven’t even gotten quotes then do it TODAY. Putting it off is easy but the results of procrastination may not be so easy.