Ask Questions 
Share Tips 
List Your Business 
Coffee Talk with Experts 
Biz Planning | Sample Plans 
Idea 
Name 
$ 
Do It! 
Promotional Merchandise
Managing | Operations
Work @ Home 
Yoga @ Your Desk 
|
|
Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Why Even Small Businesses Need Comprehensive Insurance
In order to operate in any state, a business of any size requires insurance. However, there is some flexibility in regard to how much insurance a company is required by law to have. Every business should have general liability, property, commercial auto, workers’ compensation and data breach insurance. One report found that nearly 66 percent of small businesses in the United States do not have business interruption insurance. It may seem superfluous now, but it will come in handy if you ever need it.
Protect People and Products
Any type of business, no matter how big or small it is, can have someone injured on the premises. A general liability policy will help you pay for any employees or members of the general public who become hurt while on your property. General liability is the standard insurance every company should possess. It can help cover costs associated with medical expenses, libel, slander and legal costs. For peace of mind, you cannot go without general liability coverage.
Safeguard Against Digital Risks
Chances are good your business relies on digital assets to a certain extent. Perhaps your business accepts credit cards. If that information become stolen, then you will face serious expenses updating your security system and fighting off lawsuits. Fortunately, many agencies now offer data breach coverage. In addition to this policy, you should also invest in high-quality computers and servers to protect your business. Hackers are much more likely to target small businesses because they tend not to have sophisticated security systems like a large corporation.
Stay Safe in the Event of a Natural Disaster
From earthquakes to hurricanes, there are numerous types of natural disasters that may require you to close down operations temporarily. Unfortunately, many businesses never open again after such an event. In addition to developing a disaster plan, your business should also have property and business interruption coverage just in case. You will have access to the funds you need to get back up-and-running in no time.
Save Money When You Need It
Small businesses are naturally reluctant to invest heavily in business insurance because they may not have sufficient revenue yet. However, when you pay insurance monthly, you can plan for those expenses. You know how much to set aside each month. When something unexpected, like a natural disaster, occurs, you suddenly have to pay a lot of money out of pocket to resume normal operations. This is much more difficult to plan for, and it is a big reason why many small businesses sink.
You probably do not have to spend as much on insurance as you think. There are likely plenty of agencies in your area, and you can shop around and compare quotes to find a price that works for you. Once you have coverage in place, you should review it annually. You may be able to find a cheaper plan somewhere else, or you may discover you do not need a certain type of coverage. Either way, you can keep more money in your bank account while maintaining the peace of mind your business is protected.
|
|
Small Business Tax Center • Idea Cafe Home • Sign Up • Biz Grant Center • CyberSchmooz •Coffee Talk with Experts • People in Biz Profiles • Starting Your Biz • Biz Planning • Running Your Biz • FREE Trade Publications • Marketing • Financing Your Biz • Human Resources • Legal & Biz Forms • Managing Your Biz • eCommerce • You and Your Biz • Gen X • Work@Home • The Fridge • De-Stress • Send an Award • Send an eGreeting • Yoga @ Your Desk • Web Guide • Idea Cafe in the News • About Idea Cafe • Advertise on Idea Cafe • Contact Us • Privacy Policy • Site Map • Small Biz News
Copyright 1995-2023, Idea Cafe Inc. Downloads are for personal use only, not for resale to others, and may not be reprinted in any form without written permission from Idea Cafe Inc.
DISCLAIMER: We hope whatever you find on this site is helpful, but be cautioned that it may not apply to your own situation, or be totally current at any given time. Idea Cafe Inc. and all of its current and past experts, sponsors, advertisers, agents, contractors and advisors disclaim all warranties with regard to anything found anywhere on this family of websites, quoted from, or sent from Idea Cafe. and its related sites, publications and companies. We also take no responsibility for comments published by others on these pages. TRADEMARKS: The following are Registered Trademarks or Servicemarks of DevStart, Inc.: Idea Cafe®, Online Coffee Break®, The Small Business Gathering Place®, Take out Info®, Biz Bar & Grill®, Complaint-O-Meter®, A Fun Approach to Serious Business™, CyberSchmooz™, and BizCafe™.
|
|
|
|