In the worst case scenario, if you don’t get business insurance and someone makes a claim against you, you will be liable to the injured party for all compensation, as well as legal fees.
These costs can quickly run into the hundreds of thousands or even millions. Without business insurance to cover the costs, you, the business owner, would be liable. This can lead to the business to cease trading, and can even put the business owner into bankruptcy. It’s a nasty business, and well worth avoiding with a simple business insurance policy!