From volumes of information and misinformation to time-consuming onboarding processes, it’s natural for a lot of small business owners to have a distaste towards insurance in general. Mainly because they find the entire process to be very hectic and time-consuming. As a result, many end up skipping the entire process of doing their due diligence and end up taking a set of policies that’s either overkill or not covering critical areas effectively.
Time is always of the essence
It’s only natural for small or mid-sized business owners to multi-task and wear multiple hats in a day, and by the end of the day you feel like time has just slipped away, and somehow insurance takes a back seat. Most small business owners will assume that getting insurance is a one-meeting job, but that’s not the case, in a haste to save time, many small business owners will try not to get into the nitty-gritty of the cover and just take a generic policy, this can be an expensive mistake.
Navigating the chaos and clutter
The first thing a small business owner would do is google “how to get my business insured”, which will lead them down a rabbit hole of sponsored content, irrelevant policies, and just volumes of information and misinformation which can be complex to navigate and understand. This process can be quite intimidating and frustrating and most small business owners will not know where to start.
Overlooking risks hidden in plain sight
While most insurance providers for small to medium-sized businesses will offer a generic laundry list of things that will be covered by your policy, sometimes, some key areas are overlooked. For instance, 73% of US Small Business Owners were hit by a cyberattack last year alone. This is because small businesses are seldom prepared for cyberattacks and often overlook the need for cyber insurance, leaving some of their most sensitive data vulnerable. There is no use in getting an insurance policy for the sake of it because it can be the very thing that makes or breaks your business. It will dictate how well you can come back from a setback, and should therefore never be taken lightly.
Exploring the complexities of regulation
The insurance industry as a whole is highly regulated by both state governments as well as the federal government. Each state will have different regulations on how companies can operate in their territory. The focus is on how policies are written, sold and operated, licensing, rates, terms, and more. While the regulation exists to protect the consumers, it can be very intimidating to navigate all this regulation independently, which is why it’s important to have an insurance partner who knows the ins and outs of insurance policies in every state. This will help small business owners get the best advice and coverage.
Seeking a trustworthy voice is like finding a needle in a haystack
We live in the information age, and as a small business owner, you will be bombarded with alarmist sales pitches that might lead you to take a policy that may be overkill. Finding a voice of reason amidst that noise can be hard. Finding an insurance company whos services match the promises made by their sales associates is also hard. Because insurance companies are entrusted with a lot of sensitive information, it’s hard for small business owners to take that leap of faith. In fact, Deloitte conducted a survey with 5300 small and medium business owners in 14 countries to understand their perception of insurance, one of the key findings was “advice is more important than price”, which is proof that they’re just looking for a partner who is reliable, well informed and vested in their business.
Finding a company with prompt service
It’s natural for small businesses to sometimes make the mistake of going with giants in the industry, and as a result, they experience slower service, harrowing interactions with bots, and very slow, automated responses to emails. Going with a small or mid-size insurance company will ensure that your account has a dedicated agent so troubleshooting and service are not an issue. Given the complex nature of insurance, having the right partner can make all the difference to your small business.
Conclusion:
Insurance for your small business is definitely not something that should be taken lightly or overlooked. At the same time, it should not keep you up at night. At Gonzalez Insurance, we understand the natural need for small business owners to focus on growing their companies and servicing their customers, so we have a quick, reliable, and transparent process in place to easily navigate assessment, solutions, and implementation while leaving no stone unturned. As a family-run business that’s been in the game since 1978, we know a thing or two about insurance, especially when it comes to small and medium-sized businesses. We believe in building relationships and partnerships, so if you’re looking for a streamlined process that protects your business without costing you your peace of mind, get in touch, we would be happy to help.