Business Risk

I’m just starting out in my business, what risk do I really have?

We talk a lot about new and small business insurance needs and risk exposure. The real question being asked here is, “Do I really need business insurance?” We hear that question or some form of it all the time. Instead of the pat answers of how you need to protect yourself, your business and personal assets and give you a bunch of stock answers, let’s approach it differently. Let’s take a look at some real claims from real cases from insurance carriers and courts across the country.

Here are just a few:

  • A customer walks into your store and slips, falls, breaks an ankle and will be unable to work for 8 weeks.
  • Two months after opening, your vendors are shutting down deliveries and demanding payment. You suddenly discover the bookkeeper you hired has deposited your money into a personal account and now disappeared.
  • Your old toaster oven you brought from home into your newly leased space catches on fire and burns the entire building down, destroying 3 other businesses as well.
  • The day after your grand opening you arrive to find the back door open and all your phones, computers and electronics are gone.
  • You take two clients to lunch, one leaves and you volunteer to give the other a ride back to their office. On the way, you run a red light and are involved in a serious accident with serious injuries to everyone involved, including you.
  • A reporter shows up to cover your opening and a part time employee refers to your competitor across the street as a “Sleaze ball that gouges his customers at every chance.”

Reading through these documents case shows you just some of the risk you have as a new business. Working with a licensed insurance professional is important to get proper business insurance coverage in place so you don’t risk losing everything you’ve worked for over the years.