Business Insurance Basics: Safeguarding Your Dream from the Unexpected

Most small business owners are drastically underinsured , if insured at all. Many small business owners do not own liability insurance . They may get away with this as long as they are doing small jobs, there are no issues , and they are not sued. However, in order to grow and be positioned to get the larger contract jobs, usually a minimum of $1,000,000 in General liability insurance is required.

Many small business owners are reactionary , meaning they will not proactively seek out liability insurance until they are told they need to have it to secure a contract! This is when they come to us, but GL insurance may take a few days to bind coverage causing you to miss out on a contract. If you are going to run a successful small business, then you have to change your thinking, and see GL as the cost of doing business and positioning yourself to grow. Usually these policies are tax deductible as a business expense (see your accountant for advice).

Be prepared to grow your small business by sitting down with an experienced agent to secure the necessary coverage to be successful. A great example is a client who had a lawncare service, and secured General Liability coverage. In the first year of the policy his team accidentally broke a plate glass window, and cut the hose to an AC unit. Because he had the foresight to secure insurance, these things were covered by the insurance company. Are you properly insured? If not come see our team here at Session & Coker Insurance Services, LLC.