Owning a small business is exciting. You’re always busy with everyday challenges and new customer prospects. Small businesses also drive the country’s economy as they exist in every place, however inaccessible, and operate in every vertical of products and services. There is a trust which small businesses build with the local population that tends to remain steadfast through the generations.
When you look at the protection small businesses need, it’s only apt to focus on insurance. That’s what this blog is about.
The type of insurance, which covers a small business, directly impacts the financial liability from risks of lawsuits and protects it from any unexpected disasters it may face.
As a small business owner, you would have taken a Business owner’s policy when you started first. Your business may have grown since then and you may be bigger now with more employees, customers, and assets. Whatever the size of your business, it is necessary to periodically relook at the existing insurance coverage. Times change and you need to reevaluate the risks and liabilities you face today.
What are the tipping points of change in your business situation where you need to take a critical relook at your existing insurance policy coverage?
1. Moving to a bigger space, downsizing, or purchasing commercial space:
As your business evolves, you may decide to buy your own store or office space. Or uncertainty about future markets may make you decide to move to a smaller place which is your own, or where the rentals make more financial sense. Whatever the reason for the move, you need to relook at the coverage your insurance provides when you make such a move. If you have bought your own space, you may need commercial property insurance or additional liability insurance. We at Gonzalez Insurance will provide you with customized solutions reducing your risk and providing you appropriate coverage against any disasters.
2. Business Growth and Expansion:
The growth of business means an increase in clients, employees, and assets. Business growth can be sudden or happen in spurts. It may become necessary to start new branches in different cities, add large stocks, raw materials, computers, and other assets for the smooth running of the larger business. Now would be a good time to relook at your existing business insurance. As your business has grown, the fact remains that your market value and liabilities also have grown, and you do require additional protection from disasters, lawsuits, and other liabilities. Reassess your business to get more apt insurance solutions, and stay protected.
3. Growth of employee strength:
A thriving business keeps adding more employees and bustle about it. Your efficient leadership and business skills have turned your business into a successful venture. As a future-oriented leader, this is the time for you to relook at the policies focused on employee health liabilities and wrongful lawsuits. Employment Practices Liability Insurance can protect you from lawsuits arising from claims of discrimination, sexual harassment, and employee claims of unfair employment practices like termination, evaluation, benefits, discipline, etc. In instances where an employee is injured or claims to have developed a chronic condition due to work at your business, you will require the Worker’s compensation policy to protect your business and the employee’s health. Reach out to us for the correct guidance on coverage and protect your business from facing unnecessary financial liability.
4. Acquisition of assets like vehicles:
With growing clientele and new branches may come the need to acquire vehicles and pick-up trucks which have to be driven by your employees and you to service customers, move stocks and raw materials and deliver goods. Here is another moment to relook at your business insurance policy portfolio! What happens in the event of an accident or incident involving one of your vehicles and employees? The liability for the incident is yours. We would advise you on updating your commercial auto insurance reducing the risks and liabilities associated with this asset acquisition ensuring you have adequate coverage.
5. Change in Ownership:
Every growing enterprise requires investors and partners who contribute their wealth and expertise to the business. This is in exchange for a partnership or shareholding. If your business is changing ownership, caused by external investment, or a death of an existing partner, this is the right time to revisit your present business insurance policy. Get an evaluation from Gonzalez Insurance today to understand the liabilities which will be transferred to you and get a customized insurance policy for your needs.
6. Clients and liabilities:
Having an increase in clientele is a sign of the success of the small business. More customers bring growth and profitability. However, clients can bring lawsuits and liabilities too. The liability following any accidental injury or harassment to a client on your work premises remains yours. Before going into contracts and agreements, you need a clear picture of the liabilities involved to keep your business safe. Get in touch with us to get the correct evaluation of liabilities and the amount of coverage required before signing off on any documents.
Insurance can be the best ally and partner for a small business. It provides much-required financial relief when traumatic events and disasters threaten your hard work and livelihood. Allow us, to partner, with you on your journey to success, protecting you all the way. Get in touch with Gonzalez Insurance and ease the path to being a successful entrepreneur!