When Should Small Businesses Get Insurance?

When Should Small Businesses Get Insurance?

There are over 30 million small businesses in the United States. If you’re thinking of adding to that number, you already know there’s a lot of work ahead of you. But the decision to start a small business means having to make a lot of crucial choices about where to spend limited time and resources.

In the beginning, you may think that commercial insurance is not one of those things start-up or seed investment money should go towards. However, even for a small business, there are certain times when thinking about commercial insurance makes sense. Here are some of those situations.

It’s Time To Sign A Lease

If your start-up is right from your own home, or even your garage, you may feel that your funds and business activities are too limited to worry about protection. However, once you’re ready to move up to your first dedicated commercial space, and legal contracts need to be signed for leases, even if it’s a small commercial space, it’s time to think about commercial insurance.

You’re Attending A Trade Event

If you’ve decided to take the plunge and go to a trade event, setting up a booth, a table, or even just to network and make new professional contacts, start thinking about insurance. Now that you’re interacting with other business peers, and perhaps even doing business, or laying the groundwork for future business deals you’ll want protection. Commercial insurance can protect from liabilities at a trade event, so even if something goes wrong, you don’t have to compensate directly out of your own pocket, especially if it was someone else’s fault for damaging your booth or equipment.

You’re Investing In More Equipment

It’s one thing if you’re starting up a business at home and conducting that business from your personal laptop or computer. It’s another thing if you’re finally investing in more specialized, expensive equipment, such as a printing press, or a vehicle specifically for work. Now that you’ve got commercial assets of sizable value, you’ll want commercial insurance to protect these investments. Private insurance won’t be of any help if these items are damaged on the job, or, worse yet, in major events like a storm.

You Need To Reassure Customers

You may not feel like you need the peace of mind that comes from knowing your work and equipment is insured, but your customers may feel different. If you put yourself in the place of a customer, there’s always a bit of doubt and caution that comes from working with someone uninsured. Nothing may happen, but there’s the fear that if something does, financial recovery is impossible. If you want to make sure that your customers are feeling confident about you, have insurance ready that you can show to put fears at ease.

If you’re ready to take the next step in protecting your assets, investments, and business, then we can help you. Contact Panorama Insurance Agency, and we can assess what aspects of your business would benefit from commercial insurance coverage and come up with a policy that protects you.

Share this Post: