Heading down the entrepreneurial path and opening a business can be a rewarding experience. Of course, there are challenges along the way, from staffing to supply chains to marketing and sales. There are also lurking risks that can befall an owner when they least expect it.
Recently the industry has seen an increase in cases of business owners forgoing small business insurance. Our brokers have heard that some owners don’t believe that they need it because they’re not big enough, while others assume that their personal insurance will respond if they suffer a loss.
In addition, the COVID-19 pandemic and its associated shutdowns financially affected all kinds of businesses in Waterloo Region and beyond. As a result, we’ve heard that small business insurance is one of the areas that some owners are trying to cut costs or not purchase altogether.
We understand the financial pressures, because we’ve seen it from time to time, but we want to make sure that you’re aware of the facts when it comes to business insurance.
To help you, here are a few common myths surrounding small business insurance:
• “I don’t have enough risk in my business”
Straight up: Business is risky, no matter the type, size, or industry. You have more on the line than you might think and it’s not worth risking your livelihood or possibly even your personal assets as a business owner by not having the coverage you need.
• “My business is not big enough to need it”
Again, regardless of industry or size, you have risk associated with running a business. As the saying goes: “You don’t need to be a millionaire to be sued like one.” It’s important to ensure the survival of your business as the income which you and your employees rely on.
• “I‘m sufficiently covered by my personal insurance”
Your personal insurance covers your home or car, not your business. Liability coverage will not respond to an incident at the workplace or an error as a result of your work. You do need specific insurance coverage in place for your business.
Whether you’re just beginning your entrepreneurial journey or you’re a seasoned business owner, it’s critical to know that risks exist at every step in business. Don’t let the unforeseen derail the future of your business!
An experienced insurance broker not only knows what is required, they continue to deliver value by working for you, and ensuring your chosen career is a successful one. It can be as easy as talking to a Staebler Insurance Broker.
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Be Wise. Staebler Insurance is a general insurance broker specializing in auto insurance, home insurance, small business, and commercial insurance. Staebler brokers proudly serve Kitchener, Waterloo, Cambridge, Guelph, Stratford, Listowel, Fergus, Elora, Wellington County, Perth County, Waterloo Region and southern Ontario. Get started with a free quote today.
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