Big Losses Happen to Small Business – Be sure you are protected!
Is your small business really a large family to you? Look at your accomplishments, and take a second to be proud of where you are today in this unstable business Your livelihood is made up of assets, services or goods, investments and the employees who help you make it all happen; and as a small business owner, you have to make tough decisions on how to protect it all.
So many questions now race to your mind. What insurance policies are right for you? How do you get started? How much is this going to cost?
Well rest your mind for a moment – we are going to help you get started, and Miller’s Insurance Agency is here to help answer all your questions.
As a small business owner you know there are several very important assets to your success. For insurance purposes, generally you will look to cover property, liability, worker compensation, theft, and capital. Insurance companies often offer basic policies as well as comprehensive packages. Be sure to check details. Less expensive may not always be better.
While times are tough, don’t forget to protect against the unforeseen death and/or disability of a key person. What would happen if you were not there to run the business? Also in these tough economic times, employee claims against employers have risen, so be sure to consider employment practices liability.
Always keep in mind different industries pose different risks for their owners; for example: A restaurant owner faces different types of business hazards then a small convenience store-owner. It is a good idea to discuss your specific business’s risks with your agent.
Policies can be extensive and cover all types of risks, or they can be basic and cover you in case of disaster. The more coverage, the heftier the overall price tag. Also the higher the risk for the insurance company, the more you will pay. Take the time to look at what your business needs, and what it can afford.
Five tips to remember – courtesy of SCORE – America’s Small Business Mentors:
First – Protect the essentials: life, health, and property.
Second – Would your business suffer with to the loss of one key partner or employee? Take steps to protect yourself from the possibility that that you may lose him or her with “key man insurance”. Be sure to insure yourself, which conversely protects your family.
Third – Take care of your employees. Life insurance polices are a key benefit for these employees, and you have the option of offering them a term policy. Turns out it can benefit you as well; it can be underwritten as an added value to your business.
Fourth – What about health insurance? These policies can be attractive to potential employees, and will keep them fit and healthy, potentially, less sick days, and more productive work!
Fifth – Property insurance can be obtained to broadly protect you from a variety of losses just incase the unpredictable happens (theft, disaster, etc.).
Brought to you by SCORE, America's small business mentors, at www.score.org.
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