Don’t believe everything you hear about small business insurance (unless it’s from a professional)
It’s always best not believe everything you hear—especially when it comes to something as important as your small business insurance! If you’ve taken advice from fellow small businesses regarding small business insurance, you’ve probably been led—unintentionally—to believe a falsehood. Know the difference between fact and fiction when it comes to your small business insurance.
“We don’t need it. Only big businesses need insurance.”
If big businesses were the only ones dealing with data breaches, lawsuits, employees hurting themselves, dealing with floods and damages, this myth might be true. But, as you’ll know, that is not the case. In fact, 71 percent of cyber-attacks are on small businesses. And according to FEMA, nearly half of all small businesses that face natural disasters never reopen.
“Those insurance companies never pay on claims—so don’t bother.”
We all know that friend who has a friend whose insurance company never paid them for their damages. This myth is entirely false. Policies are contracts, and if the damages seen are covered in your contract, you will get your money.
“I just can’t afford it.”
Every small business insurance will require you to pay a premium for coverage, no news here. That expense is infinitesimal compared to the damages you could face when you have to pay out of pocket for damages or a lawsuit. You could lose your business, savings, and even your own personal assets. Remember: you can bundle policies, or consider Risk Management plans to keep your premiums low.