Managing risk is a critical part of owning a small business. Entrepreneurs manage risk every day in a variety of ways. Insurance is a key component of any risk management strategy, and small business owners should seek assistance from experienced insurance professionals during the early stages of starting a business. Effective risk management not only can help protect a small business from catastrophe, but it can also enhance the overall value of a small business.
While insurance is important for small business, be careful not to view insurance as the “cure all” to protect you against anything and everything that can go wrong. Insurance policies are contracts, and business owners must carefully read their insurance policies to understand what is covered, what isn’t covered, what deductibles apply, and what the policy limits are for a given insurance policy.
Be sure to contact your insurance professional for specific guidance or contact us if you need suggestions for a local insurance agent with experience working with small business owners and entrepreneurs.
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