If you own a home, or even rent one, you most likely have insurance to protect it and your belongings. You may have life insurance in case something happens to you personally, and you need health insurance to make sure you are alright physically. But what about your business? Are you protecting your business the same way you protect every other part of your life? Maybe not, and you wouldn’t be alone.
According to the Insurance Information Institute, about 40 percent of small business owners have no insurance at all. It’s not that these small business owners don’t care, they just think it costs too much. The primary reason cited for not purchasing insurance is small business owners can’t afford it.
Though many small business owners may think insurance is too costly, there may come a day when it’s too costly not to have insurance. The premiums paid may end up being a fraction of what it will cost to stay in business should a disaster occur.
But not all businesses fail to have insurance just because of the costs, some do because they weren’t prepared for quick growth. Growing more quickly than anticipated is a good thing but may leave your business exposed if you haven’t compensated with adequate insurance.
Insuring your business may not be as expensive as your think. Every business is different, so every business has different insurance needs. You may be able to arrange for a good policy at a price you are comfortable with and can afford.
Start by doing some research and investigate the type of insurance coverage similar businesses have. Doctor’s or dentists have vastly different insurance needs than contractors or a retail business.
Once you have all the information you need, look for a good agent who will help you customize a policy that will cover you should the unexpected happen. You may find that insuring your business isn’t as expensive as you thought.