Don’t Risk It: Get Small Business Insurance to Protect and Grow Your Company
As a woman entrepreneur, you know that building a business comes with risks and hurdles–and that overcoming these barriers is essential to achieving your business goals. While risks come in many forms, you can protect the time, finances, and other resources you’ve invested by getting business insurance that meets your needs.
At the same time, you’ll also show customers and potential investors that you’re serious about your business.
Common Misconceptions About Small Business Insurance
Home insurance covers my business because I operate out of the place I live.
If you’re running a business out of a home office, you should have a commercial insurance policy in addition to your home coverage. Insurance providers define your home and business as separate entities and coverage for each is designed differently. If you need to file a claim for your business, it’s unlikely that your home insurance will cover losses, damages, or lawsuits.
I don’t have a brick-and-mortar location so I don’t need property insurance.
Property insurance covers much more than the real estate your business exists on. It ensures you’re covered if your business assets are damaged or stolen. This also includes repair and replacement costs.
I provide a professional service. I don't need insurance.
Although it’s unlikely that your customers could be injured while doing business if you’re a professional service provider, you’ll still want to consider professional liability insurance. That’s because professional liability insurance also protects you in the event that a customer suffers a financial loss due to an error or omission.
In conjunction, commercial general liability coverage will protect you if a customer is injured due to negligence, such as a slip and fall at your business location. This coverage is also a common requirement for many contracts.
Cyber criminals are focused on larger companies with more revenue–I don’t need to worry about an attack.
Larger companies typically have the means to invest in security measures that make it difficult for cyber criminals to access their digital assets. On the other hand, small businesses often have little to no security–making them an easy target for those looking to hack them. While developing your web security should be a top priority (particularly if you collect sensitive information from your customers), cyber coverage helps you decrease the costs of a data breach if it occurs.
I’m just getting started, I don’t need business insurance yet.
Consider the amount of time and money you’ve already invested in your business, along with all of the assets that are a part of it. If a fire destroyed your inventory, a customer sued you because of a bad experience with your service or product, or someone was injured at your business, what would you do? We all hope to never face these kinds of experiences, but they happen more often than you’d think. Having insurance protects you and your business from risks, and can even help you grow!
How Insurance Helps You Grow Your Business
In addition to protecting you from the many risks that come with operating a small business, having insurance gives customers and clients more confidence in your ability to provide for and collaborate with them.
In fact, it’s common for customers and prospective clients to ask for proof of insurance before they go into business with you. That’s because having insurance shows you’re covered if something happens and gives them peace of mind knowing you’ll be able to overcome potential setbacks.
The same goes for banks when they determine whether or not to provide you with a business loan. If you don’t have insurance, many will not be able to offer funding that can help you reach your next milestone.
In the instance of an equipment breakdown or loss of essential tools and inventory, having insurance will set you up for a speedy recovery. That means less time picking up the pieces, and more time getting your products to customers.
Get Started With a Provider that Understands Your Needs
If you’re an entrepreneur based in British Columbia and are ready to find small business insurance that will keep you protected and set you up for growth, consider BCAA, BC’s Most Trusted Insurance Brand.
Whether you’re in retail and wholesale, business and professional services, or real estate and construction, BCAA can help you identify exactly the type of coverage you need and provide custom solutions that facilitate your success.
When you sign up for a new policy using the code “FORUM” you can save $50. If you have a personal BCAA membership, you can also save up to 10% on your coverage.
Visit BCAA online or chat with the company’s insurance professionals directly at 1-888-268-2222.