If you’re an entrepreneur, you’ve chosen one of the most challenging yet potentially rewarding career paths available to anyone. You’re doing your part to jolt your regional economy, and you should be proud of your individual achievements. That doesn’t make any of the obstacles you face any easier, of course. Here are a few tips for choosing insurance if you’re a small business owner. They could make your life a whole lot easier down the road.
One of the most common injuries in the food service industry is the slip and fall. Although most employers require employees to wear slip-resistant footwear, accidents still happen. Those floors need to be mopped nightly in order to keep the building on par with health regulations and guidelines, and that means things get slippery. As a small business owner, you need to make sure you’re insured for injuries like these.
If you work in construction, food service, retail, or any other industry, you should have a general idea of the risks inherent to your business. Those risks will determine your insurance requirements. What kind of workers compensation, disability insurance, and unemployment benefits will you be required to provide? These are simple questions that need to be asked and answered, especially when figuring out your bottom line. Opening a business the right way isn’t cheap.
You’re certainly heard the phrase “you break it you buy it” but that doesn’t really hold weight in court. You need to not only protect your business from theft, but other forms of shrink as well. There are many insurance options out there, so think carefully before you decide the right ones for you. In addition, find out what kind of accidents your insurance coverage will provide. Do you have protection against fire damage or flooding? You should.
An agent can help you determine the best options for your small business, but you should also be on the constant lookout for easy discounts. You might find that combining policies could save you some money. Before you make a final decision, ask about what you can add or delete from your insurance package to spare yourself a more painful headache down the road.