Close to 40% of Business Owners Do Not Have Adequate Coverage

July 25, 2018 News

Is Your Company Protected by the Right Business Insurance Plan?

According to this small business insurance gap survey, approximately 38% of small business owners do not have adequate protection to keep running their firms in the event they unexpectedly passed.

When you own a business, you wear many hats. One moment you are leading your team; next minute you are manning the books; at other times you may be helping your crew in the trenches.

Being an entrepreneur owner is both fun and exciting. The adventure of developing ideas, building products, or providing services cannot be matched. Yet, when tragedy strikes, are you prepared?

Consider the effects that a natural disaster has on your firm and family:

  • Natural Disasters: If you live in Tornado Alley, have you thought about how you would pick up the pieces if an F4 tornado swoops in and destroys your commercial property?
  • Sudden Death: What would happen in the event of your death? Do you have the right coverage or are you under-insured?
  • Business Closure: If you leave the world without planning ahead, several people are affected, beginning with your immediate family. When you are not adequately covered, your family may have to sell all possessions at once at lesser value to cover expenses. Then there are your employees. Think about how many lives are affected if your doors close unexpectedly.

You can avoid leaving both your private and professional families in dire straits when you obtain sufficient protection plans. It all starts with life coverage. Consider these reasons to buy a policy or review an existing one:

  • You ensure your family does not have to sell your firm and its assets for less than they are worth just to make ends meet.
  • Partners can benefit from having a life insurance policy as part of their buy-sell agreement. Each partner should have one so that they can buy the deceased’s half of the company share.
  • Having an expert advisor ensures that those primary players in your company are covered. Not only can your enterprise suffer after your demise, but the damage is multiplied by leaps and bounds if you suddenly lose your best salesperson!

Customized Plans Provide the Right Protection

Count on a nationwide team of knowledgeable advisors to help you get the best protection for your budget, letting you do what you do best, take care of your customers. We have helped self-employed entrepreneurs and company owners with customized plans for over 30 years. Our brokers will happily discuss policy availability and tailor a program to fit your needs.

Speak with a knowledgeable and experienced broker at the Business Insurance Center or request a quote for your coverage. We have a 24/7 call center to serve you.


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