Q: What do you think is the most important thing for a business owner to know regarding insurance?
A: Well, I’d have to say that it would be to review it every year prior to the renewal. Many things can change during the year that can affect your coverage. For example, purchasing a vehicle or equipment, adding a location or even adding employees, and as your business evolves, you may need other types of coverage. We had a contractor who began cleaning chimneys – eek – that was a totally different scope of business than we had him insured for! Your agent is the best person to analyze these things for you – your focus is on running your business, right?
Q: That is good advice. I guess that it is common for smaller businesses to just use basic insurance when they first get started?
A: Exactly. Your policy needs to evolve with your business and reflect the changes. Gaps in coverage can be costly as it may result in claims going unpaid. Changing your policy doesn’t always mean an increase in your premium either; a lot of times we can actually save policyholders money by finding discounts or decreasing coverages that they no longer need.
Q: Is there anything else that you feel would be important to review?
A: I’d say that the small business owner is just as vulnerable to cyber crimes as large corporations. You need to prepare and protect your data. As soon as you think you know how to protect your data resources and identities, there is a new way to attack, steal or use them. Ask your agent about cyber liability insurance; it makes a lot of sense for small companies and it is more affordable than you think. I95