Wednesday, April 5, 2017

What Small Business Owners Need to Know When Buying Insurance

Operating a business is risky, even for the most seasoned entrepreneurs. There is so much to consider and account for to keep the business running successfully. Some things are just out of a business owner's control though - such as an accident happening on business property, or a lawsuit, or even property loss from theft or natural disaster. For every business, it's essential to protect yourself and the business by purchasing adequate business insurance. Insure the Lake understands that it's not always easy to decide in the right plan and coverage for your business, so here is what you need to consider when buying business insurance at the Lake of the Ozarks.

Every Businesses Risk is Different

Most of the time, when you're thinking about business you try to keep a positive mindset because a positive mindset means positive outcome. However, to ensure you're properly covered, you want to step back and think negatively about the potential risks your business could face. Not every business will face the same risks, so it's important that your coverage caters to your business needs and is not just a blanket coverage. From the experience that you have to the type of industry you're in, risk will play a factor in not only the type of coverage you need, but also the cost of your premiums.

Coverage that Best Fits Your Needs

There are several types of coverage you can choose from to fit the needs of any business. Some of the best-known types of business insurance are General Liability, Property Insurance, Product Liability, Professional Liability, and Business Interruption Insurance. There are many more types of coverage than just these, but these are some coverages that you'll see most often. Insuring a business at the Lake of the Ozarks may require some specialty coverages due to our unique location and seasonal tourism. Check with your agent for any special coverages that may help protect your business.

Review Your Coverage Regularly

Due to the constantly changing world of insurance, it's extremely important to review your coverage policy regular to ensure that your insurance is covering all aspects of your business. With the ever-changing insurance regulations, a change could be made in your policy that could leave you unprotected in an area you thought you were protected in - leaving you open for potential risk. While reading over insurance policies is never fun or exciting, it will save you money and time in the long run to do that daunting task. The more informed you are of any changes to your policy, the more prepared you'll be to protect your business.

For small businesses, budget may be a factor that business owners are fearful of when it comes to coverage. However, while this safety net does come with cost, the peace of mind that comes with proper coverage makes up for the expense. Keep these helpful tips in mind when choosing your insurance coverage for a business at the Lake of the Ozarks. If you need assistance in getting started with selecting the right coverage to meet your business needs, contact Insure the Lake today.

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About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral