Protect Your Small-Business with Essential Insurance Options
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Starting a new business is exciting but comes with risks. Unfortunately, many new businesses lack essential insurance protections. A Small Business Administration survey found 29% of small businesses don’t have necessary insurance at launch, often due to a lack of awareness.
To protect your investment and ensure longevity, strategic insurance planning is crucial. Clients and regulatory bodies often require specific coverage before work can begin.
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A COUNTRY Financial representative can help with the following key insurance and risk considerations for small-business owners.
- Identify and Assess Risks
Conduct a thorough risk assessment to identify potential risks to property, liability issues, employee injuries and business interruption. This helps in choosing the appropriate insurance coverage for your business. - General Liability Insurance
This foundational coverage protects against claims related to bodily injury and property damage, providing financial protection if a client is injured on your premises or if your products and/or services cause harm. - Commercial Property Insurance
Protect physical assets like buildings, equipment and inventory from events such as fire, theft, vandalism or natural disasters. Ensure accurate assessment of property value for proper coverage. - Business Interruption Insurance
Provide financial support by covering ongoing expenses like rent, salaries and utilities if a covered loss forces your business to temporarily close. - Professional Liability Insurance
Essential for businesses providing professional services, this coverage protects against claims arising from mistakes, negligence or inadequate advice. - Workers’ Compensation Insurance
Mandatory in many jurisdictions, it provides medical benefits and wage replacement for work-related injuries or illnesses, ensuring compliance and demonstrating care for employees. - Cyber Liability Insurance
This protects against financial losses from data breaches, hacking or other cyberattacks, which are crucial for businesses storing sensitive customer information or relying on digital operations. - Key Person Insurance
Provides financial protection if a key employee dies or becomes disabled, helping the business continue operations and recover from the loss.
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Setting Up for Success
Small-business owner Landon Parker worked with his COUNTRY Financial representative, Josh Riekena, to secure the coverage he needed.
“Josh was great in assisting me as my business was getting started,” Parker says. “I didn’t feel like just another client, and his support was genuine. The COUNTRY Financial team has always been supportive and able to get me exactly what I need. I had so many questions in the beginning, and they were there every step of the way. Josh had me come to his office, and he laid out all the different plans and options and took the time to explain everything. He answered my questions, and I’ve been very fortunate to have this relationship. They’ve been a great resource of information, and I can rest assured that I’m in good hands. Truly the definition of ‘having a friend in the business.’”
Insurance is vital for risk management in any new business. By assessing risks and selecting appropriate coverage, you can safeguard your investment, protect employees and ensure long-term success. Consult with an insurance professional to tailor a comprehensive plan for your business’ unique needs. To learn more about coverage options for small-business owners, visit countryfinancial.com.
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About the Author: Aaron Selburg serves as the product/property casualty management manager at COUNTRY Financial.
Business insurance policies issued by COUNTRY Mutual Insurance Company®, Bloomington.
