Home Based Business Overview

As a small business owner you wear many hats. You may represent the entire marketing, production and finance divisions of your organization. Often less glamorous tasks are left on the back burner until you get a “round-to-it.” One of these critical but often ignored tasks is the financial protection of your business.

The need for business insurance is perhaps more important for a small company than a large one. Small businesses are frequently capitalized with the hard earned savings of the owners. New businesses frequently do not earn a profit in their first five years. A large capital reserve is not sitting awaiting future opportunities. Additional capital may not be available to buy replacements if a loss was to occur.

Imagining the uncomfortable consequences of attempting to explain an uninsured loss to a partner, investor or spouse should be motivation enough for all of us to find one of those “round-to-its.” Consider the investment of an hour of your time to obtain the financial protection your business requires as time well spent. The objective of your business insurance program should be to enable your business to continue, without financial stress, through interruption of operations as a result of an accident. The development of your insurance program should consist of three phases:

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Home Based Business Overview

Risk Management

Broker Selection

Coverage Selection