Insights Unveiled: Navigating the World of Insurance with Expertise


Insights Unveiled: Navigating the World of Insurance with Expertise

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What Happens to Businesses Without Insurance?

May 16, 20232 min read

Business insurance is used in order to protect businesses from lawsuits and other losses that could have a large financial impact otherwise.

Required Business Insurance and Penalties 

Business insurance requirements vary by state. Most states require businesses to carry a minimum amount of: 

  • Workers Compensation: Workers compensation provides financial assistance for employees that are injured on the job. 

  • Commercial Auto Insurance: Commercial auto insurance covers vehicles used or owned by a business for work purposes. 

Operating a business without workers compensation can result in legal action such as fines or jail time. Even in states that don’t require workers compensation, operating without this insurance can lead to lawsuits from employees due to injuries obtained at work. 

Legal action can also be taken against businesses that fail to carry the proper commercial auto insurance. Most states require a minimum amount of liability insurance. In Texas, for example, businesses must carry: 

  • $30,000 in bodily injury liability per person

  • $60,000 in bodily injury liability per accident

  • $25,000 in property damage liability  

This is the minimum amount required and not the only insurance available. If a commercial vehicle is covered with personal auto insurance instead of commercial auto insurance, an accident while the vehicle is being used for work will not be covered. In fact, an insurance provider may cancel a policy if they discover a commercial vehicle is insured with personal auto insurance and vice versa.

Industry Requirements 

Business insurance can also be required depending on the industry. In some cases, insurance can be required in order to obtain a license or purchase a location. Without the proper insurance, a business may not be able to open a physical location or receive the necessary license for their practice.

Essentially every industry has some insurance requirements. Insurance requirements for industries can also vary depending on the state. Some industries are excluded from workers compensation depending on the state, for example.

Business Lawsuit Risks 

Aside from legal repercussions, lawsuits can be a large repercussion for not carrying insurance. Lawsuits can come from a range of incidents from general liability property damage and injuries to professional negligence, directors and officers lawsuits and employee claims. 

The majority of businesses that fail within their first 5 years of operation is due to a lack of funds. A single uninsured lawsuit can ruin a business not only in reputation, but with the expensive costs of court fees, defense costs and payouts. 

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Dr. Cheryl D. George

Dr. Cheryl D. George is a lifelong learner who transforms information into economic opportunities. She has over a decade of experience as a licensed health and life independent agent in 19 states. As a businesswoman, she has spent nearly two and a half decades honing her business acumen, starting, and helping to maintain over 200 small businesses and ministries. In the midst of a global pandemic, Dr. Cheryl was introduced to IBC in 2020 through CORE Financial Partners. The principles of IBC aligned with her life mission. “I love being a Certified IBC Practitioner because the secrets and strategies I share, allow me to watch the lives of Individuals and families transform. That transformation creates a legacy for generations yet seen”, says Dr. George. Possessing a deep and abiding faith that guides her to give back to her community, Dr. George dedicates her time and energy selflessly to many faith-based non-profit organizations. Dr. Cheryl D. George lives in Georgia and enjoys laughter, reading, music, scrabble, and traveling. She has one daughter (Jaclyn), two grandsons (Jeramiah and Joshua), and Royal-Cooper, her new 4-legged baby.

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