Kim Kardashian and Kanye West just said “I do” in Italy. Jimmy Kimmel, Kelly Clarkson,and Michael Jordan got married last year. Chances are someone you know is getting married soon or even this month. Statistically, June is the month for weddings. But imagine if you dished out all this money to either get married or attend a wedding and it got cancelled. This is the type of situation where insurance would save you from a financial disaster.
In fact, insurance is a must have, especially if you’re a small business owner. Many new small business owners focus on their location, their product, and the marketing of it, but overlook the importance of insurance. The Insurance Information Institute estimates that 25 percent of all businesses do not reopen after a disaster, like a fire or storm. So make sure you protect your business, your employees and your future. Here are some ways to go about it:
- DETERMINE TYPE OF INSURANCE – Business insurance helps protect your business in the case of property loss, interruption or liability. If you’re not sure what insurance is best for you, ask at your county office or your state’s insurance commissioner’s office what type of policy is required in your line of business. Most businesses need a business owner’s policy and general liability insurance plan, but you may also need to consider specialized equipment or property insurance as well.
- ASK AROUND – Ask other business owners in your industry what insurance they use. You can do that at networking events. If you’re not comfortable with that, ask your accountant or bookkeeper to look into it for you. Many of my clients ask me for help and my team here at DM Accounting is always happy to do the legwork.
- EMPLOYEE INSURANCE – Besides a business owner policy, if you have a certain number of employees, by law, you may be required to have them insured. Look into health, disability, life insurance and worker’s compensation insurance. For small to medium sized business owners with more than 100 employees looking for new coverage or to change their existing coverage, I recommend talking to Evan Greenfield of Keyes Coverage. He can take a look at your current policy and see if it’s the best option for your company. E-mail me and I will make an introduction or e-mail Evan at evan@keyescoverage.com.
- BUY IT – Now that you’ve done the research, it’s time to make the purchase. Your livelihood is on the line, so don’t procrastinate and put it in jeopardy, make that insurance policy purchase today.
Just like an impending marriage, saying “I do” to insurance is going to take a little planning and research, but once you have the policy in place, enjoy the peace of mind that comes with it.
Have a great week!
