This is Key #4 of the Six Keys to Maximizing Wealth for Small Business Owners-Cover Your Assets. In this article I’ll discuss what to think about when covering your business. Here are some things you’ll want to consider.
Another critical aspect of building wealth through your business is insurance. What kind, how much and at what cost are all important considerations. Many business owners try to get by without insurance. This exposes your business to severe risk. Without adequate insurance coverage, a single accident or lawsuit could quickly drain your reserves or even put you out of business.
While some business owners try to get by with minimal coverage, others overpay for insurances they don’t need. You can avoid both of these scenarios by working with a wealth advisor to advise you on the right coverage.
Here are a few thoughts to keep in mind:
- Do I have enough business continuation coverage? If a natural disaster were to strike your business, would it be able to continue operating in another location?
- Have I updated my liability coverage? Try to avoid buying a policy and filing it away and never looking at it again. Review your coverage at least once per year.
Here are some of the types of insurance for your business:
- Property & Liability
- Health & Medical
- Directors & Officers
- Key Executive Life Coverage
- Vehicle Coverage
- Disability Coverage
You’ll have to download the free eBook, Six Keys to Maximizing Wealth for Small Business Owners to get the goods on the types of insurance for your business. Download it today!