Covering the Unknowns of Entrepreneurship
So, you’ve got your very own small business set up and ready to roll, and you’ve got your liability, business and property insurance in place to protect you from all the problems that plague the modern entrepreneur. You’re all set, right?
Depending on the size and type of business, there are still numerous potential pitfalls that could spell disaster for your business… some of which aren’t obviously apparent until they actually happen.
So, how much trouble could a small business owner possibly get into?
Commercial Auto is a no-brainer if you plan on using company vehicles. However, it may not protect you if your employees use their own cars, have an accident, and don’t have proper coverage. A non-owned auto liability policy should cover this gap. Also, consider checking the limits on your personal auto policy if you plan on doing any work-related transporting or commuting with your own automobile.
Plan on a paperless office and keeping customer and employee records digitally and/or online? Great! Wonderful! The environment and your cleaning crew thank you! However, this also means the added possibility of data breach. Even if still using paper files, Data Breach Policies are essential, as well as good coverage on all your computer and server equipment. More on that HERE.
Are you renting your storefront/office space instead of buying it? That’s okay too. Your landlord’s insurance policy should help cover a lot of ground. However, it may not cover ALL of it. This is where a good Commercial Renter’s Policy can help fill in the gaps and cover the things that the landlord’s policy doesn’t. It never hurts to check.
Finally, you don’t want to leave any outstanding debts and responsibilities on your family if anything, you know… …”untimely” happens to you. You put a lot of yourself into your small business, and you want to know that it will all be taken care of even after you’re gone. Long story short, don’t skimp on Life Insurance if you’re a small business owner.
Are you a small business owner? Want to review your policies and see if all the gaps are covered? We’ll be glad to help you in any way possible!
First Baldwin Insurance