Is Business Insurance Necessary?
Typically, Business Insurance isn’t at the top of every Small Business Owners. Not when they launch their Small Business, nor after. It seems to be the unspoken conversation among business owners.
Yes, business insurance is essential! It can improve your business performance too.
Yet, when you speak with the undeniable experts, they will share with you the importance of having insurance for your business. Why then, is business insurance overlooked?
At first, many Small Business Owners (SBOs) are ignorant. Then they may believe they don’t have enough money. Once their business is growing, business insurance is moved to the back burner because it’s not urgent.
Unfortunately, this is all too common. Then, it is only remembered when a situation arises when there is a need for insurance. There’s no going back and having a do-over on this one!
Business Insurance Conversation with a Peer
About a month ago I was speaking with a bright, seriously committed SBO. She had all the right stuff happening and was very conscientious. She was an exceptional expert with only 3 years of business ownership experience.
While we met, she shared a financial business situation and asked for wise counsel. I shared what I knew on that topic – I don’t even try to pretend being a CPA!
As we took the conversation a little deeper, I asked if her business insurance would cover her situation. She was flabbergasted and revealed she didn’t have business insurance. She didn’t even know she needed to carry it. Her face was precious and then I saw the worry take over.
I shared with her that she shouldn’t worry, just take right action and immediately attain business insurance.
Why do you need business insurance?
The obvious answer is protection. I know you are a good person and doing the best you can, but you only need one thing to go wrong and you won’t be in business any longer. If it’s a big one, you could lose your home.
Some SBOs think they don’t need insurance because they’re just starting out. WRONG! That’s when you may be the most harmful. You still don’t know what you know.
Conversely, SBOs who reach Expert status think they are immune to glitches. Not so, your sheer volume of business is working against your favor regarding this topic.
I’m not a fearful person not want you to become so. I am a good steward and encourage you to do the same.
Here’s one that surprised me!
I’m holding a small and private training event this week. What surprised me was the organization I’m renting space from (which wasn’t a hotel) asked me to include my certificate of insurance with the signed contract.
I never thought about it, but it made sense they would require such documentation. I must share, it felt pretty good just cracking open that digital file and attaching it without any hesitation or concern.
ACTION: Your Business, Your Customers, and Your Family, need you to be insured. If you aren’t insured, meet with an agent to discuss your business. The agent should be able to guide you to insure you correctly.
Even if you begin with only essential coverage – you are doing great. Each year, pick a date to have a review with your agent and increase your coverage. Incrementally insuring yourself to what is best.
If you are insured – congratulations! Now set an appointment with your agent to assure your coverage is best for your circumstances.
Insurance only benefits you when you’re proactive.
Feel free to share your a-ha on this topic in the comment section.
THANKS FOR ALLOWING ME TO HELP YOU IMPROVE YOUR BUSINESS!
Brilliant Breakthroughs, Inc.
Making it possible to Simplify Small Business Success!
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Maggie Mongan, #1 Bestselling Author
Master Business Coach & Trainer for Small Businesses
Brilliant Breakthroughs, Inc.
Direct Dial: 262-716-7750
LinkedIn: MaggieMongan
p.s.: Create brilliant outcomes through making better decisions in real-time.
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