Managing Your Small Business Insurance
What do you need to start a business? Three simple things: know your product better than anyone. Know your customer, and have a burning desire to succeed.” — Dave Thomas
Being a small business owner can be great, and rewarding, but it isn’t always easy.
For those of you who are small business owners, as a small business owner myself, I can relate to the challenges that you are faced with everyday. From employees to overhead, from client satisfaction to small business insurance. These challenges are real and can’t be ignored.
Although I can’t help you with employment or overhead issues, I can help you understand small business insurance, how to manage it and how to make it work for you…
What do you know about a BOP (Business Owners’ Policy)?
Owning and operating a business is a big responsibility, so, when it comes to insurance, it’s important to know what you need, and what you’re getting when you buy a policy.
The two types of coverage that are pretty basic for a BOP are:
- General liability – which will protect your company if you are liable for someone’s personal injury or property damage, as well as legal costs that may result.
- Property insurance – will protect you from property damage resulting from theft, natural disasters or any other damage that occurs during the normal course of business.
Along with these basic coverages, it’s also important to consider the type of risk that your company might face, risks that might be unique to your particular business.
What else might you need coverage for?
Without having all the right coverage, your company risks paying for losses that can be costly, and could even cost you your business. Consider these questions, and see if they apply to you:
- Do you have company vehicles that may need repair or replacement in the event of an accident? This requires business auto insurance.
- Does your company use equipment necessary for business that could require repair if it breaks down? You might want to consider equipment breakdown insurance.
- Is there a chance that your business could be adversely affected or even force to close down by some type of adversity? Business interruption insurance could help in a situation like that.
- Does your company offer advice to individuals or other businesses? Then you should consider errors and omissions insurance to protect you in case your client has losses due to information or advice they received from your company.
- Could you be at risk of a lawsuit by an employee or contractor who is unhappy with you? Employment practices liability insurance will be helpful in the event of such accusations as sexual misconduct, discrimination or wrongful termination.
- Do you own a home based business? Homeowner’s insurance may help with some claims, but for those situations that it doesn’t cover, home based business insurance is designed for you.
Don’t let confusion keep you from getting the right insurance for your business…talk to your insurance agent for clarification…you’ll sleep better at night.
Along with great insurance options, we also offer Financial Services. You can count on us to be totally honest and upfront with you!