Do you have business insurance? Do you need it? What are all the steps? Jill talks with Sandra Torres from CoverWallet in the FMC’s latest course 35, Get Covered: On Business Insurance with CoverWallet, to figure it alllllll out.
Do I need business insurance?
Talking about business insurance can seem overwhelming. Who cares about it and why would you need it? If you’re a small business owner, Sandra says, coverage can help you feel more comfortable and protected. There are a number of situations in which coverage would be helpful: think Workers Comp if you have employees, liability insurance, or cyber liability insurance if your website gets hacked and you have confidential info.
Where do I start?
Think about the type of coverage you might need. As a solopreneur, for example, if you rent an office, you might want a liability insurance policy. It’s also important to remember that not all things may be covered. It’s important to review materials (especially when you’re working with a contract in place) to see what’s included and what’s not.
But there are so many areas where insurance will help you out. If you have a lot of electronic devices – insurance can cover those no matter where you go! As your business is growing and you may need to buy a building, you can get a policy for that. If people owe you money, you can even get coverage for that! (Neat, huh?)
Who is business insurance for and what are the costs?
Everyone should be covered at some level. It’s important to be covered just in case. Things can always change, no matter who you’re doing business with. Costs vary – most small businesses have policies that cost around $1200/year, but CoverWallet makes it easy for you to pick and choose the coverage that’s right for you.
Okay, I’m ready. I need business insurance with CoverWallet.
Even if you already have business insurance, it’s a good idea to review your policies and take the time to understand them. CoverWallet has a 24/7 advice tool and will communicate with you via phone, email, or text (and they won’t laugh at you!).
As a business owner, it’s vitally important to have some sort of business insurance protection.
Jill knows that you can do it. Sandra knows how you can do it.
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