By: Brian Smith, President
I get it. You’re a small business owner. You’re your own accountant, secretary, and your own janitor. You’re working days, nights, weekends and even on holidays to exceed customer expectations. And, you probably haven’t had a vacation since your honeymoon.
Insurance is the last thing that’s on your mind, but the truth is, it should be the first. After all, this is your livelihood. So, let’s focus on the biggies – the things you need to be doing right now to protect your business; your passion; your investment!
1. Protect your property. Your property may be your largest asset. This includes your land, building, and the property within it, including inventory. Take the time to fully document all your assets and their value – and think about how your business may be impacted by loss or damage of those assets. Make sure you are properly covered – being under-insured is too great a risk to take.
2. Consider Business Interruption Insurance. What is that, you ask? It’s how you make sure you stay in business in the event of an emergency. Consider a fire or a flood – would you be forced to shut down while repairs are being made? Would your business come to halt, resulting in lack of income and loss of customers? Business Interruption insurance covers operating expenses and lost income while your property is being restored. This could save your entire business.
3. Keep your data safe. As a small business owner, you’re probably your own IT department, too. You may be great at Candy Crush, but you could be leaving your electronic data vulnerable to cyber threats such as hacking or crashing. Imagine if you lost your customer records or important documents you use to keep your business running. Coverage like Cyber Liability Insurance can help protect your business from attacks, breaches or other internet-based dangers.
We know insurance isn’t your business – it’s ours. So let’s work together to set a foundation of safety for your small business. In future blog posts, we’ll discuss some other risks you may not have considered, such as liability coverage or key person losses. We are your partner in business – and we will help you stay in business.
