Commercial Insurance - What, Where, When And How?
As someone in business, you do need business insurance
. This is not the part of your business expenses where you want to cut costs. Yes, you certainly do want to pay as little in premiums as you can but, never at the expense of quality and comprehensiveness of cover.First make sure that your insurance covers you totally, only after you know that you can have such total cover do you concern yourself with comparing pricing and finding the least expensive option.
Some lead themselves to believe that the nature of their business precludes them from needing to worry about commercial insurance. This is just not the truth. However, not all businesses require one to carry the same commercial insurance. It's not a one size fits all world.
Different businesses lend themselves to the need for different policies and extent of cover. Some businesses, even within the same industry, are larger than others, and thus they are likely to necessitate larger cover amounts whereas smaller businesses will tend to need lesser amounts of cover.
But the larger business owner must never try to get away with small business levels of insurance cover. This does not mean paying more than you need to and making yourself 'insurance poor'. It simply means never failing to pay what you do need to pay. Your insurance is just too important to allow for skimping.
Never tell yourself that the contingencies that business insurance policies are meant to protect you against will never happen to you. Insurance protects against the unexpected and the unfortunate, not the impossible. Wishful thinking cannot be your insurance.
If you are a corporate officer, you can still be held legally liable for negligence or some other crime. The corporate veil does not give you immunity against your personal fortune being decimated. If you run a small business and only realize a 3% profit margin, that does not mean that the 'precious little' that you have cannot be taken from you or that there's nobody out there who won't try to take it if they see an opportunity.
There are plenty of lawyers whose speciality is targeting small businesses. If you run a family-owned small business, do not be so foolish as to assume that if you die or become disabled your family members and the close friends you hired will work everything out in your absence and carry on seamlessly. Few family-owned businesses survive the death or disablement of one of the principals, because people don't just work things out so easily, even when they are family.
To have comprehensive, but not too much, business insurance protection, you must assess your needs by asking yourself some questions. First, ask yourself 'what, where, when and how' with regards to the potentially devastating events that could decimate or destroy your business.
Next, assess what it is that you are selling. Then, determine who will be making those things that you sell. After that, ask yourself how many employees you'll need. Then proceed on to defining for yourself the types of equipment that will be required by your business.
Ask yourself the right questions and the right answers about your commercial insurance needs will come to light.
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