Congratulations on launching your new business! This insurance checklist for small businesses is designed to help cover your “what ifs” and questions when it comes to your business insurance needs.

1. Know the Risks of Business

Before you consider what your insurance needs might be, you need to take a close look at the industry you’re entering. Depending on your industry, your insurance priorities can vary greatly from the business next door. 

Some of the questions to ask might include:

• Will you have vehicles involved in your business?
• Do you have customers or clients visiting the business?
• How much inventory do you plan to hold at any given time?
• Will you personally travel often?

Your answers can help to formulate the start of your business insurance needs.

2. Overestimate Costs

If the last few years of inflation haven’t shown you how quickly prices can change, take this piece of advice: Highball your insurance budget. 

Whether your computer system gets hacked, you lose everything due to a flood, or you are robbed overnight… These unforeseen emergencies will leave you high and dry if you don’t have enough coverage. Better to be safe than sorry!

3. Understand the Laws

Depending on your small business, there are likely legal requirements that you must have insurance coverage for. Depending on your location, type of business, required certifications, and industry standards, there can be required policies to keep you compliant with local, state, and federal laws.

Understanding these rules and regulations can add another level of confusion for some. I recommend seeking out a lawyer with a specialty in your field to be sure you have all of your bases covered. When it comes to insurance, I am happy to review options with you to be sure you have absolutely all you need!

4. Bundle Insurances with One Agency

You can potentially save money on your monthly insurance premiums if you package your different insurance policies together. Many companies offer discounts when you bundle. 

Knowing all of your needs upfront means you can map out a plan with a trusted agency. Thankfully, I am an independent insurance professional, which means I can scour hundreds of companies and am not tied to any single agency. With so many options, I can not only find the best coverage plans for your needs, but also the best prices to bundle your policies.

Plus, when you house your policies with the same agent, you save a lot of legwork. When you have a question, you only have one number to call. When you have a claim, you have the same trusted agent helping you through each step.

5. Seek a Professional

Owning a business means learning about a lot of processes. From payroll to leases, inventory to taxes, being an owner will require a lot of you. At times, the best method to learn the ins and outs is to outsource to an expert. 

Smart business owners seek the advice and guidance of professionals. So if you are wondering how to best cover your small business with the right insurance policies, especially as a new business owner, reach out to me at any time. I’d be happy to consult with you to discuss your needs, seek out the best policies, and even find the best prices, all to help you launch your new venture with confidence!