Getting started as a small business owner is one of the difficult things anyone could ever imagine.
Research has demonstrated that over 100 small businesses fold up every 1 hour, this is due to lack of foresight, inadequate preparation before starting, other misfortune such as theft, damages to gods, and many other things.
Now to the real deal that you need to know before forging ahead in your course to entirely have your business running on an insurance policy.
Getting a cheaper insurance policy for your business may be quiet difficult, but with few and relative approach we will be giving here you will surely have ideas and cues to choose one, and of course, we will be very sure you have taken a rightful decision.
For a fully established business, any loss and damages are being catered for by insurance companies and bodies that stakes in the fold.
However, most time small business owners may not be able to afford what big businesses will be able to foot in terms of insurance policies and coverage.
One must note that all big establishment you see today came from nothing, not all of these companies started big not every one of them makes use of their current insurance companies, but they began to form something to where they are today.
Also, for those that are reading this posts that once have a small investment or business but fold up as a result of unforeseen and unplanned events such as robbery, burglary, fire breakage, shipwreck, loss, and many issues.
Here are the things you need to know as a business owner before you ventured fully or before you operate your business fully, you must get these running before you decide to take a more significant approach and steps to that business in its current state.
Insurance for small business owners, this will widen your horizon on why you need insurance companies, why you have to register for one and how you can make a decision and get a good insurance company for your small business.
Compare small insurance business quotes from multiple carriers
The first thing we have always being on our toes preaching and telling clients to do is get plans and prices from different insurance companies.
If you have enough bucks to settle any bill you may skip this step, getting more information about prices of other insurance companies to save you from spending unnecessarily, it keeps some of your money for other things that may need financial attention, and you will be able to get it to fix on time.
This has been one of the things that have been killing many small businesses, most of the small business owners do not bother to make inquiries on which insurance companies have the best fee for their clients and have other insurance companies being faring with major small business owners.
Gather intelligence information from co small business owners to know the insurance companies they have been working with and how have they be faring with the company plan; this will help you make the right decision.
Know the insurance companies limits, what risk is on them, which of their policies is not supporting your business, which policies will favor your business to grow here are the little tips to help you make your decision.
Work with an independent agent with a small business insurance background
This is another point to consider, you should ensure you are working with an agent that is independent on their own, these agents also should have a relative idea of your business environment, and what your business entails, this will help make more soothing policies and friendly policies that your business can run with.
Running with a captive agent, you may not be able to cope with bundles of policies.
This may even ruin your business, so it is advisable to get agents that are familiar with your business ethos and ethics as it will give reassuring policies to your business even while it is failing they will deploy a strategy to bring it back.
Bundle business insurance policies
To cut cost, it is paramount we suggest the easiest way to own multiple insurance policies.
You can discuss with your insurance companies for multiple insurance policies.
By doing this, instead of needing to pay a huge amount of money at a time, you may decide to get it slowly and at your own pace, as your business grow then you acquire more policies, doing this is always advisable with the same company you partner with not with different insurance companies.
Except for the case of specialization and special offers and reduction then you can acquire from different insurance companies.
Install safety features, such as monitoring and detection systems
One of the thing that the smallest business owner never gives proper attention and cognizance to is ways or limiting potential problems.
Many companies that rose to the limelight today was a result of deliberate efforts to forestall and also manage potential issues.
putting in place anti fire and electricity spark that may cause a fire outbreak may be installed in your working environment, this will help curb the menace you do not prepare for.
Also investing little of your capitals in monitoring gadgets and security facilities such as CCTV and others may help you trace potential thief, robbing and arrest of events you do not put in your plans.
Here are the few suggested gadgets you may install in your office, and it will help you greatly:
• Security cameras
• A hard-wired alarm
You may intimate your insurance companies about the step you took to lessen potential problems; they may offer a few discounts because they see potential problems have been averted and this will reduce the risk they may be paying for soon.
Take on a higher deductible
Of course, taking a higher deductible will reduce your premium ditto.
Nevertheless, you can take a cue from your finances to know the best policies with the highest deductible you may opt-in for, and be sure you can afford such deductible if the case may arise and there is a need for you to file a claim.
If you cannot afford this, your small scale business may not help the matter. We are giving these insights so that you can take note of where you have failed and also take a step to move beyond the stage.
Reevaluate your small business insurance policies each year
One of the things you may imbibe is a revaluation of your business, most time you may have downsized your business but if you do not take a necessary report and notify your insurance company, you may still be charge base on the earlier agreement reach by the two bodies.
Also, you should always make sure you keep a communication line between you and your insurance company this will bridge the gap of paying for assets that do not longer exist in your company sphere.
In addition to that, you should call your agent at any point in the policy term if you:
• Move to a new office
• Change your service offerings
• Buy new equipment
• Increase or decrease your number of employees
• Buy a new vehicle for your business
In general, it’s super important to keep the line of communication open with your agent to make sure you pay for the right amount of coverage.
Do no insure assets that do not carry much value
Not assets are worth insuring; there are some small appliances that you may easily procure need one without getting your ass off.
However, if you take time to insure them, the total fee it will cost you in relative few years may even amount to buying double of such appliances.
So it is advisable only to insure expensive gadgets in your business and the ones you could not quickly get without financial aid.
This point, not everyone will agree with me, but I must tell you, it is what I have taken my time to research on.
I have gotten to know why I do not need to register assets that will defoliate over time and at the same time they are not costly, it is just a share waste of resources that could easily be diverted to other faces of the business begging for financial support.
Pay your premium in full
This is another point most people do not take time to enjoy the benefits that are attached to it. It is when you make the agreement with an insurance company you can usually pay the premium in monthly installments or make one full payment upfront.
While spreading out the payments may seem more cost-effective, insurance companies often give you a discount for paying the premium in full.
Search for You Business Specific Insurance needs
You may not have the capacity to cover all the charges that you may need to get all your business assets registered, but you need to figure out the one that is most prevalent and need attention.
So many small business sets have face charges by the government and many other government parastatals to keep up with task payment and still keep up with your business, it may be quite blinking and sneezing at the same time which may not be possible.
So set your organization motive properly, list out costly equipment, fixed assets and other assets that are not locally made or source for, then put them on the priority list, then further your course to check for other assets, set them according to their scale of preferences then you can make a solid decision.
Regulate your employee adsorbing capacity
For every of your employee, you have a charge and payment you may need to pay on them.
the more employee you have, the more charges you may likely incur, so always seek for a multi-facet worker that can work at handle the task of two workers you may increase his or her pay with a little dividend nevertheless, it will cut you the cost you may use to insure all workers in your fold.
Here are the relative things new business owner do not take cognizance of but they are germane, and they could run a business in a couple of months that is set up.
Also, a business owner may take a cue from businesses that have folded up; you may ask related questions, what type of insurance do they take, were they able to meet up the insurance company demand, was the insurance major setback for their business, will they advise you to take such plan?
What will be their recommendations for you, you may do this and ask relative between 3 to 4 business that has to fold up, you will be quite shocked to know you have scale through a huge decision that would have wrecked your business.
Starting up a small business is not as easy as the start; it is not a child play neither; it may be task taking, breathtaking, and full of uncertainties.
It is the duty of one who, and resilient to get going regardless of the situation you may be poised with, regardless of the loss and whatever may come the way of the business.
It may be shocking to get to one small business to see fire already gut it. It may be quite not interesting to see one capital being stolen or robbed.
However, there is a way to reduce the pressure on just the owner of the business. You may decide to put all your lost on the insurance company.
You may decide to provide reliable alternatives to your business if in any way there are issues.
Someone and a body should come to your rescue that is why you have to read this piece and take a full step to get your small business cover today.
No one knows when the event may strike, but it should not get you unaware and unprepared.