#startup #Lean #Commercial Insurance #Smallbusiness
Join us at SmallBusinessBigChallenge.com
Key info and concepts:
An estimated 75% of U.S. businesses are underinsured, and 40% have no insurance at all!
There are 3 reasons to have proper insurance: You, your employees, and your customers!
insurance agents owe a fiduciary duty to their clients!
your goal as a small business owner is not to become an expert in insurance!
Your goal is to learn the basic information and team up with your insurance agent to get the best policy for your specific needs, at the best rate.
To that goal, here there are 6 fundamentals you need to follow:
1- Have a basic understanding of the different types of commercial insurance
2- Know what insurance is required for your company
3- Understand the risks associated with your specific industry
4- Prioritize coverage over cost
5- Learn what will affect your insurance rates
6- Remember to revisit your policy yearly and when your business is changing
Insurance is a tool for risk management and asset protection and it is not something you acquire by spending hours price hunting on the internet but by creating a partnership with an experienced local independent insurance agent whose expertise will be put to the service of your company.
