Small Business Insurance Tips

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Starting a small business could mean achieving your lifelong goal – but that dream may quickly vanish if your business lacks proper protection against disasters and risks. Here are some of the most common issues for which you should prepare at the same time as planning the opening of your business.

Insurance Concerns for a Small Business

Property Damage
Before purchasing or renting a building for your business, an inspector should examine electrical, structural, and exterior elements. A standard insurance policy will cover damage from fire, storms, and other accidents, but you can include additional liabilities if you feel this is necessary.

Liability
If you sell products or offer services, you could face a product or malpractice liability due to even the simplest of mistakes. If you rely on others to operate your business (which is the case for most small startups), you also need insurance to protect your company from third-party fault.

Fraud and Cyber Crime
Practically every business has at least some online presence, but email, e-commerce, and electronic databases put you in danger for fraud and cyber crime. Even if you take extra steps to protect customers’ personal information, you can never be certain that employees, contractors, and your clients themselves are being as cautious. It is essential that you have adequate coverage for all eventualities.

Prepare for the Worst
In addition to insurance, prepare for disaster by creating an emergency kit to keep at your business location at all times. Key components include water, batteries, a flashlight, a fire extinguisher, non-perishable food, a whistle, and first-aid items.

Working With a Trusted Choice Agent

You will receive the best policy possible for your business if you work with a Trusted Choice independent insurance agent. Invite your insurance agent to your business location to learn about the inner workings of your company. He or she will:

  • Ask questions about everything from how you deal with customers to the security of your data and intellectual property.
  • Ensure that you consider all exposures, even those you may not have known exist.

Confirm which liabilities are covered under a standard policy and which would require additional coverage.

Your company faces a unique set of risks, which will affect the type of business owners policy you require. It could take you hours of research to find the right coverage – or you could use a Trusted Choice agent to handle the task, leaving you free to focus on serving your customers. Contact us at George A. Bell & Son for support choosing the right type of protection for your company.