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Leap Year Season One, Episode Five: Nothing Personal

April 11, 2012

Episode 5 – Nothing Personal

Derek says something he’ll regret later. Olivia tries to decide whether betraying her friend is worth a potential boost to her business. Aaron struggles with work/life balance issues. Special appearances by Gary Vaynerchuk and Mashable Editor-in-Chief Adam Ostrow.

Hiscox Commentary for Small Business Owners

Olivia is experiencing some of the struggles that many new entrepreneurs face as they work hard to find clients and get through moments of self doubt. In fact, nearly one quarter (23%) of small business owners said it took them up to a few months to find their first client after founding their business in our recent small business survey*.

Now, Olivia has a silver bullet in the story about Aaron’s tax error that she knows will get her the Mashable article and the media exposure she needs to jumpstart her small business. Have you ever had to choose between doing something that would help your business, but might hurt other people close to you?

Olivia’s predicament brings up another important issue – what is Aaron going to do about the mistake he made on Derek’s taxes? What if Aaron also made errors on his clients’ tax returns? Mistakes happen, but you don’t need to walk a tightrope without a safety net. Professional liability insurance, (also known as errors and omissions insurance) can protect you when you make a mistake. The cost of professional liability insurance is inexpensive relative to the costs of a potential lawsuit, and can save your business from potential financial ruin.

* Hiscox commissioned research with Opinium Research among 304 owners, partners and senior decision makers from US companies with 1 to 249 employees between the 18th of May and the 1st of June 2011.