Growth and increasing revenue are two positives of a successful small business. As both increase, it’s important to look at your big picture. As the business develops and your responsibilities grow, it becomes important to protect your assets. Protection can be obtained through insurance policies. Here are a few areas where you should consider having insurance coverage.
Insurance on Your Biggest Asset: You
If your small business relies heavily on you and would not be able to survive should you be unable to work due to death or critical accident, there should be a personal life insurance policy and a disability insurance policy set in place to cover you, should disaster strike. This will ensure your beneficiaries are financially taken care of if you are no longer able to earn an income from your small business.
Insurance on Your Tangible Property
As your company grows, so will its assets. Every computer, printer, vehicle, and even the building out of which you operate all account as part of your company and should be insured against accidents and misfortune. One small fire is enough to destroy many of the assets held by your company and without insurance it can be detrimental to recover.
Depending on the type of business you have, there may be a certain amount of liability involved in doing the work you do. If there is any chance that you could cause harm to your clients either physically or business-wise it is imperative that you obtain liability insurance. A single lawsuit can be enough to sink even the most stable of businesses. It’s best to have full coverage in case the need arises.
Being a company that offers health insurance to its staff is a big draw for employees. Employees need to know that their personal insurance needs can be met, so having a health insurance plan is a great way to show your staff that their needs matter.
Although paying into insurance can seem unappealing when there are other ways to invest those funds and help the business prosper, it really is essential to ensuring the longevity of your company. There are no guarantees in life and having a stable insurance plan in place for every necessary avenue is the best way to guarantee your company can survive anything the world throws at it. For more information on the types of insurance your company might need, feel free to connect with us at The Beacon Group of Assante Financial Management Ltd.