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Assessing your Small Business Insurance Needs

Let’s say you are a small business owner.  No doubt you’ve got a lot riding on those shoulders of yours.  Late nights, long weekends and being a sole owner, no doubt you have many hats to wear.  But this is the path you’ve chosen; you couldn’t stand the idea of working for someone else’s profit or under someone else’s rules and restriction.  You’ve had a clear vision in your head and have never strayed.  And though you’ve never gone the easy route, it didn’t matter to you.  However, if you are needing a moment to pull back and reassess your current needs and where you would like to be in the future then here are a few tips to heed:

  • Small Business Administration (SBA): If you are in business for yourself then you probably know that this agency is critical to serving your unique needs, to help with loans, documents and tax information.  You can also read timely material, tips and advice.  Are you looking to refocus your industry’s marketing needs or even in your charitable offerings?  These are critical components of your small business and what makes your particular business hum and run like a well-oiled machine.
  • Insurance: What about your insurance needs?  Does your particular industry require higher risk insurance, now would be the time to look at whether your needs are being adequately met or perhaps with a little extra effort you could have better coverage with lower rates.  Insurance can make or break your small business depending upon how critical the need, choosing a reputable company is as essential to your business’ success and having reliable staff and a healthy amount of satisfied clients.  A company like insurance for small business not only works with the small business owner, but also covers those who are in industries that can at times be difficult to find coverage; industries that work with hazardous materials, those in the aviation field and in the dangerous and global political arena.
  • Take a closer look at your competition: You know the saying, “keep your friends, close, but keep your enemies closer”, enemies could easily be substituted with ‘competitors’ and used to your advantage.  What types of marketing strategies are they using? Does it seem successful and perhaps touching on an untapped market? Which conventions will they be attending?  Looking through your industry through your competitors eyes will give you an additional edge to see how they are wending their way through your shared market and shed light upon areas that you many need to revamp.

At the end of the day, your success is directly related to your efforts and strategies employed.  Keeping a dedicated and reliable staff, choosing a quality insurance company and revisiting your business’ marketing needs are essential to your company’s continued growth but enhancing areas that may need improvement; niche markets, research and development and ensuring client satisfaction.

Of course, for the successful entrepreneur, hard work has never been an obstacle.   Hard work is viewed as the necessary component for growth, be it business and personal.

Small Business Insurance Explained in 90 Seconds

Starting a small business? Don’t forget the insurance! Keeping all your ducks in a row while navigating seas of paperwork can be an overwhelming, and confusing task. But protecting your small business from the unknown doesn’t have to be. After watching this 90 second video from Hiscox you’ll have a better grasp of what small business insurance can do for you and which types you need to protect your small business.


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About the Author

Kevin Kerridge is the Director of small business insurance at Hiscox, a global insurance company with 100+ years of experience.

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