What kind of business owner are you?
If you’re the owner of a small business with less than 100 employees, you know that every dollar you spend comes out of your pocket. Every dollar you save is either income for you or capital that can be used to grow. While you’re worried about growing the business into which you’ve invested time, money, and endless energy, you also worry about protecting what you’ve built while still putting food on the table at home. Business owners and managers use insurance to make some of the things we worry about easier to manage. If you don’t tend to worry and you’ve got nothing to lose, you don’t need insurance!
There are two kinds of business owners in the world: those who don’t need Business Insurance, and those who do. Which one are you?
You don’t need business insurance if:
- You have no investment in your business – No financial investment, no property investment, no time invested
- You have no clients, revenue, or cashflow
- You’re not planning on leasing space or you don’t own your own space, even if its in your own home
- You have no business property, no telephone, no cellphone, no laptop, no computers, no copiers, no vehicles, no tools
- You have no employees
- You are in the service industry and you’re not issuing professional advice
- You don’t drive your personal car or truck to visit prospect, client, work, or event sites
- You don’t worry about lawsuits because there are no business or personal assets or cash flow for plaintiff’s lawyers to target.
If you are, or plan to be, the owner or manager of a successful business, you need insurance to protect what you have.
If you own your business and your business is growing, chances are you’ve made a significant investment and you definitely want to protect what it has become; what it will become.
If you have an investment in your business: money, time, property, and relationships, you need insurance. If you have revenue, income, cash flow and assets; if you are occupying space (lease, shared, or owned); if you have equipment, copiers, computers, mobile phones, tools of any kind; if you have or use a car, truck or fleet… you’re going to need insurance. Got employees? The law requires you to have the right coverage. The Atlanta Life General Agency is here to help you find the right insurance and your positive experience with us is just as important as the right investment in business protection.
Still not excited about business insurance? Let’s explore the alternative with a few examples:
A retailer owns a store full of inventory. She’s either put all of her money into that inventory or she owes her suppliers or a bank for its value, at cost. What if someone breaks in overnight and steals the inventory? What if the restaurant two doors away lets a kitchen fire get out of control and burns her store as well? If that inventory is lost and not insured, she is ultimately responsible.
A group of friends get together to build the next great software company. They decide to lease a copier/printer because the cost is only $200 per month. If an employee spills coffee or water on the copier and damages it, or if an electrical short fries the circuit board, the owners of the startup are now responsible for the full cost of repairing or replacing the machine, estimated at up to $40,000.
So what’s the true cost of doing business without business insurance? It could be more than you’ve ever imagined and as the corporation’s sole stockholder and manager, in the absence of appropriate insurance, you could even be sued personally for damages like the ones described above. What if you get sued? Not only are you at risk for damages, but you’ll also need to hire a lawyer to defend you – and that can be very expensive. MUCH more expensive than investing in business insurance up front, of course. If you cover your risks with broad insurance, most, if not all of the legal fees to defend these suits are picked up as part of your policy.
All of this can seem a bit daunting and overwhelming, especially when you don’t know what questions to ask about business insurance in the first place. You’re growing and you have people who depend on you. Depend on us to back you up where you need it. We’ll make sure you get (all) the answers you need. Also, connect with us on Facebook, Twitter, and LinkedIn for a steady stream of useful information for growing businesses.