Insurance for New Business Owners
Your business is ready to launch, so what insurance do you buy? Money is tight and the choices have to lead to success!
The first insurance to buy is what is required to open your business. Insurance requirements can come from your landlord, a jobsite, a bank loan or other contract requirements. Often top on the list is General Liability Insurance. You can request a quote now. We welcome discussing your insurance requirements and quoting those specific coverages.
Your next focus should be on the risks that are so critical that, without insurance protection, they can destroy the business. A worker getting hurt, an auto accident in the company car or a patron hurt in a fall at your location are examples of big potential risks that can imperil your business. Protection for some of these risks may be already in hand with the insurance protection that was required. However, you should still review your overall situation and identify risks that you can’t afford to take and can be offset with an insurance contract.
As your business matures, consider buying insurance protection when it is a good value. Why take a substantial risk, even if your business can survive the loss, when you can offset the risk with affordable insurance? Often, the economic risk worth insuring is a business asset like equipment, inventory or vehicles.
Business insurance should be part of your business plan. Your focus will first be on the insurance requirements that are barriers in the way of starting your business. Beyond these minimum requirements, fund insurance protection for your critical risks that have the potential to destroy your business. Finally, as revenues become available, enhance your long-term financial outcome by adding protection for your larger assets that can be economically insured. Good luck on your new business venture!