Many new small business owners or entrepreneurs may not fully grasp the value of their assets or have the right types of business insurance coverage they need. And year-over-year, they may also renew the first policy they bought without reflecting on how their small business has changed. That could jeopardize their financial wellbeing.
Consider this: what if something goes wrong and you’re sued, or if severe weather devastates your place of business, inventory, and equipment? If your existing policy doesn’t have the right coverage or sufficient coverage limits, you could be facing a financial disaster. It’s a chilling thought.
Such a scenario could expose you, your family, and your employees to financial hardship. Worse, it could end your business by forcing you into bankruptcy.
But you are not powerless in this situation. You can take proactive steps to prevent such a tragedy. Start by critically evaluating your insurance coverage and recognizing how you may have outgrown your policy. Here are eight things to consider:
