Insure Your Small Business to Keep You Covered
There are so many things that go into starting a small business that it can be easy to lose sight of something like insurance. But having insurance on your side is an essential for a small business owner in the event that something goes awry.
It is particularly important if you have any employees. An accident can lead to something like workers’ compensation or potential disability insurance, which would leave you on the hook for those costs if you don’t have the proper insurance.
Be Prepared
Having a business plan in place can help you take into account a lot of these situations that can leave your business vulnerable. Granted, you can’t plan for every single event in the world, but knowing what to expect can at least take the sting out of these situations.
When you have insurance backing those events, you can rest easier knowing that you are covered for most situations and you can focus on improving the business instead of the things that might go wrong.
Don’t Go It Alone
Insurance can be a confusing business, especially if you have no experience. That is why it is important to not go it alone: call your local insurance agent. They will walk you through what is necessary for a new small business and ensure that you are covered for just about anything.
Wanting to do everything alone is understandable; it is cheaper for one and your sense of pride can get in the way as well. But accepting help where it is applicable can save you a ton of hassle and benefit your business whereas going it alone can hurt it.
Be smart, be prepared, and don’t be afraid to ask for help. It will save you a lot of trouble.
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Will any small business insurance protect me in case one of my workers suffers an accident or do I need a special type of policy for that?
Hello, Lidya. Not all business insurance policies are equal, but they usually include liability. You should study the terms of the policy to understand what kind of protection it offers exactly.
Insurance is mandatory if you want to get financing. Actually, I’ve never met anyone who didn’t get insured as one of the first steps of creating a business.
Oh, Mark, now you’ve met one! I didn’t get my insurance until I’ve been working for about six months. I did start with my own capital but then needed to expand and, like you said, my bank demanded it.
Mark, I agree that getting insurance first is the way most people go, but as John here said, some do benefit from a reminder.