What types of risk do I really face as a business owner, especially just starting out?
This question speaks to a number of articles we’ve shared in the past. Frankly, the question really boils down to this, “Why do I really need business insurance, especially as a start up company?”
I mean really, isn’t that the real question behind our title? Don’t you really want to ask that same question yourself? What follows is a list of real scenarios documented with insurance carriers across the country.
As you read through this article, I am sure you’ll run across enough to make you say, “Ahhhh, I get it now.” Let’s get started and look at some possible situations and decide if you and/or your business may be exposed to these types of risk:
One of your employees is interviewed by a publication without your knowledge. In the interview, your employee refers to a competitor as, “A sleaze ball who gouges his customers every chance he gets.” That competitor immediately sues you and your business.
You walk into your office the day after your grand opening and discover the back door wide open and all your computers and phones are gone.
You old toaster oven causes you’re newly leased office and the building to burn down.
You meet prospective clients for lunch, one has to leave and you volunteer to give the other a ride home. Driving back to their office, you run a stop sign and get hit by another vehicle in which everyone involved gets seriously injured.
A customer walks into your store, slips on a just mopped floor and breaks their ankle.
Forty-five days into your retail store being opened, vendors start calling demanding payment on bad checks. You discover your bookkeeper made deposits to her account and has now disappeared.
Are there risks assumed the minute you start a business? Absolutely. Getting business insurance in place must always be a priority for a new business.
Your licensed insurance professional can work with you to determine what coverages you need go ensure that you are covered completely.