A Look at Your Risks as a Small Business: Why You Need Insurance
It’s unfortunate that the concept of insurance creates images of rather negative events in our minds – often we either focus on the expenses associated with the policy, or we envision bad events that can have serious consequences. Such reactions are completely understandable, especially to the start-up and novice business owner – but they are based on emotions and not on level-headed thinking.
The manager of a business knows that it’s in the nature of doing business and investing to carry risks, and the successful business is one that can properly identify the risks, minimize them, and protect itself from them. It’s the smart approach. Here’s a look at some major risks faced by many small businesses, and how specialized policies, such as photographer, contractor or handyman insurance at Next-Insurance.com can help mitigate those risks.
Catastrophic and life-changing events don’t happen so often – but they do happen and you need to calculate this into your risk assessment. The chance is small, but it’s real: fires (perhaps started by lightning or the neighbors), serious injury in a car accident, floods with much damage as a result, and so on. Never think it can’t happen to you.
A new business is always a target for thieves or vandals. These are things you can’t control, no matter how many safety and security measures you put in place. It’s simply a sad fact of life, something we all have to protect ourselves against.
It could be very innocent: a customer falls and trips, sustaining injury – or a company car is involved in an accident and though it was truly an accident, there’s still legal liability. It happens, and it pays to be insured for this.
You may suffer some personal injury or may get sick – most of the time it’s not serious, but it could be. Personal insurance is also important, and this could help take care of medical bills and time spent away from work.
While you may aim to please everyone, it’s not always possible; in this day and age, when litigation has become more popular, it’s wise to have insurance.
There’s no specific formula to decide which insurance is best for you; the ideal insurance for your business will depend on the nature and size of your business, and the risks you are exposed to. For example, if you receive very few visitors in your working premises, insurance premiums for that specific coverage will typically be low (as the risk of accidents involving visitors is relatively small); however, if you deal with valuable artifacts or items, your insurance for theft will be important, and probably more expensive. It’s all about analyzing your risks and doing your research to find the right insurance partner, being smart and laying a solid foundation for growth.
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