Thousands of small businesses join the fray each year, but many entrepreneurs fail to consider all the potential threats to their success. While there’s only a small chance that a catastrophic event could spell the end for any small business, it’s important to plan for the possibility that something could happen.
Insurance is often the key to keeping small businesses in business. The truth is, many small businesses continue to take unnecessary risks by failing to insure themselves adequately. According to our “DNA of an Entrepreneur Study, one in four US small businesses still says it does not have any insurance at all. Additionally, coverage for five common insurable risks faced by small businesses, from accidental damage to theft or negligence, remains patchy.
Procuring the right small business insurance can not only keep your company out of court if its sued, it can also help you stay afloat in a flood. Insurance is a silent partner and safety net when you don’t need it, but it can be a lifesaver when you do. From figuring out the right type of coverage for your business to showing you how to put your plan to work for you., here’s a step by step guide to help you get moving down the road to coverage.
Written by Gyawu Mahama
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