Small Business Insurance:
Your Family's Protection Comes First

If you speak to most agents about small business insurance, the first things they'll start babbling about are property, liability and workers compensation. These things are indeed important. But there are several other important points to consider.

If you're like many entrepreneurs, the protection of your family is often number 11 on a list of 9 thru 10. To be fair, it is definitely not because you don't think it's important. It's just one of those things that can wait. Well, to be frank, it can't.

You don't need me to tell you that this is a major risk and a major mistake. It's your obligation to protect the bank, your landlord, or the franchise you're operating under with property and liability insurance. Sometimes you can't open your doors without them.

But, if your small business insurance strategy fails to account for the protection and continuation of the business if something were to ever happen to you, you already have a crisis on your hands.

Look, I know sometimes you're forced to pledge your own assets to get the business up and running or growing. You do that with the hope of your family being able to liquidate the business to cover the debts and to provide for their financial security.

However, what you absolutely need to have in place from day 1 (if not sooner) is permanent life insurance which will provide the funds to cover the business debts, and ongoing expenses should something happen to you. This is the best way to protect your family and give them a chance to carry the legacy of what you're building.

Immediately after your own permanent life insurance, should come the protection of your employees. This is critical in order to insure your business continues to grow and prosper.

Without this offering, you're going to find that it's hard to build and retain a solid team for the business.

It's understood that in a small business, things are often tight and employee life and health insurance can be quite costly.

That's why your small business insurance strategy for your employees should be to offer them a modest benefits package and find them the best voluntary benefits programs available.

In so doing, you'll afford them opportunity to purchase or increase their benefits out of their own pocket through payroll deductions.

Finding the best voluntary benefits program for your employees will afford them the chance to protect their loved ones in the event something were to happen to them.

When you and the team are protected against unforeseen events, you will have put together the best small business insurance strategy for all concerned.

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