Contrary to what you may read in the news headlines, the free enterprise system is still alive and well in the United States of America. Since 1953 (same year as our business was opened), the Small Business Administration has done much to advance the cause of Americans who still believe that they can win in the business world. Not only do small businesses across our nation contribute to the health of our national and global economy, but they help to instill a sense of pride and dignity into the lives of thousands of small business owners who have built their companies from the ground up.
As an advocate for small businesses, the SBA makes standard suggestions regarding the various types of insurance for small businesses. Not every type of insurance that is available to small businesses is necessary for any one venture. Since, in general, the person with the most information is the person who is able to make the best decision, a thorough understanding of the options can help any up-and-coming business leader make a wise choice.
Insurance Options for the Home-Based Business
Over the past few years, the number of home-based businesses in our country has skyrocketed. These small businesses are often begun by stay-at-home parents who are trying to make ends meet for their families. Many well-meaning home-based business owners quickly realize that while a passion for any industry is a great place to start, there is more to running a business than simply having a love for the product one can produce or service one is willing to provide. Occasionally, a standard homeowners policy would provide sufficient coverage for a home-based business. At times, additional riders can be purchased to cover the home-based business’s losses and risks. As with any small business, the insurance needs of a home-based business will vary according to whether or not the business employs others, the equipment used, any goods used to develop a particular product to be sold, and whether or not clients or customers will be coming into the home to transact business.
Insurance Options for the Liability of Your Small Business
Because small business owners already have so much of themselves invested into the heart and soul of their venture, it only makes sense that they would want to purchase the right amount of liability insurance to protect their investment. However, many times when running a small business, assets are limited, and money can be tight. Too much insurance coverage may be put a strain on the business that prevents it from moving forward. Too little coverage may cause financial ruin and the collapse of everything a small business owner has worked so hard to accomplish. The purpose of liability insurance is to provide protection for the business, but deciding upon just the right amount, and choosing just the right type of coverage can be complicated, and will vary according to situation. Liability insurances include general liability insurance, product liability insurance, and professional liability insurance. These types of liability insurance can cover anything from bodily injury to malpractice. Not every type is appropriate for every small business. By making the right liability insurance decisions, a business owner may be able to avoid overspending on insurance, thus freeing up cash to reinvest elsewhere in the operation.
For many young entrepreneurs starting their own business, the learning curve is high. Much can be learned from the careful observation of others who have walked that same path ahead of you. Over the years, Oyer, Macoviak and Associates have helped many small business owners navigate what sometimes seems to be an uphill climb. We are prepared with answers to your most pressing insurance questions. We look forward to establishing a long-term relationship with you. As your small business grows, and your insurance needs evolve, our associates will be with you every step of the way. One of the most mis-understood realities of working with an insurance broker is that when you request our assistance, we work on your behalf! Our goal is to serve you and your small business, not the insurance industry. Whether your insurance needs are minimal, or quite significant, we look forward to working with you! To learn more about the coverage you need to protect your small business, contact us today.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.