9/10 Small Business Have Absolutely No Idea About Small Business Insurance!

9/10 Small Business Have Absolutely No Idea About Small Business Insurance!

There are several factors that you should take into account when determining what varieties of insurance coverage you need: how large or small your small business is, how it’s organized (partnership, sole proprietorship, corporation, LLC), the number of employees, how you get paid (commissions, salary, fees), whether your small business is service or product oriented, your exposure to liability and location.

Things that you should consider:

Heaven forbid, but do you have more than enough insurance to protect your spouse and children? If you have a small service business, your small business is worth Zero when you die. For example, the spouse of a deceased doctor or lawyer can only sell the tools of the trade, not the clients (the true bread and butter of any small service business). Get a crystal ball and see into the future to know when you are going to die then you could sell your small business before you kick the bucket. But that’s not very likely, so you and every small service business owner should make sure that you protect your family with at least seven times your gross income. So, if you make 0,000 per year then you should have over 0,000 in insurance.

If your goal is to have a member of your family take over your small business at your demise, are they capable (and licensed) to do so?

Do you have disability insurance, in case you’re incapable of running your enterprise