Why warranty and insurance matter for business owners
Content provided by a guest contributor.
The business world is comprised almost entirely of competition. Before we can even start making a profit, we need to be able to survive as a business. One of the most important ways we can do this is through ensuring the safety of our working space. Though insurance is not the same as onsite security, it remains as important.
What’s the difference between insurance and warranty?
When you obtain a new product, particularly expensive ones, it usually comes with some kind of warranty. For example, phone warranties usually cover manufacturing defects: this means failures that are not the fault of the owner, but the manufacturer. You’ve paid for a functioning device, not a potentially functioning one.
This applies to home and business spaces: warranties usually apply to major appliances, plumbing problems and so on.
Insurance, on the hand, focuses on things that happen after you’ve obtained the item – whether a phone or building. For phones and most tech, this covers accidental or malicious damage and, importantly, theft. With buildings, an insurance covers against, say, natural disasters, personal belongings and so on.
Though the two sound similar, it may be necessary to have both since you could save in the long run (and sometimes, it’s mandatory).
Warranty on your devices
Life is unpredictable and this applies to businesses. We don’t know what could occur that would see our businesses severely crippled. One of the worst incidents that can occur is theft or damage of your property.
This can occur through a fault of creation or establishment – such as bad wiring in appliances or devices, or badly built walls in buildings. Warranties are therefore necessary to combat against this.
Indeed, you should think about warranties, whether an appliance or mechanical warranty, in the same way you’d think about gates, locked doors and windows. Though we don’t think of warranties as security, maybe it’s time that we did – since both locked doors and bars on the window prevent anything happening from the items and spaces we work in and pay for. If any aspect of these spaces is compromised we take a hit to our businesses.
Warranties and insurance should be the hypothetical windows bars to acts that might occur in the world to our property.
Various companies can provide us with warranties and insurances, and it’s important we consider the best ones. We shouldn’t think of these as separate from bars on the window or secure locks on doors, but along the same lines that can provide stability and security for our businesses.
This article was brought to you by Wesbank. Contact us to find what the best type of mechanical warranty for your business is.