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Small Business Nightmares That Insurance Will Avoid
Blog / Marketing / Nov 11, 2023 / Posted by Melanie Musson / 49

Small Business Nightmares That Insurance Will Avoid

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Starting a small business and getting it to the point where it’s profitable and sustainable takes an incredible amount of vision, planning, and execution. If you start thinking about the potential for disaster, you might not ever have the courage to get started or keep going.

No matter what the nightmare, there’s probably a business insurance coverage that can help you recover. Keep reading to see how many of these situations resonate with you, and find out what you need to know about top business insurance coverage.

Your Customer Trips on Your Threshold

Tripping is bad enough, but when it ends up in a fall with a broken bone, you’ve entered nightmare classification. No matter how hard you try to mitigate risks to your customers, there will always be a possibility of a catastrophe.

If someone gets hurt on your business property, chances are, you’ll be responsible for the cost of treating their injuries. Medical care is expensive, and a broken bone that requires surgery and months of therapy could cost tens of thousands of dollars.

Business liability insurance will cover this situation, so you don’t have to worry about coming up with the cash out-of-pocket. No matter what the disaster, insurance can help you move forward.

A Nearby Business Sues You for Stealing Their Jingle

Whether it’s stealing their jingle, using their motto, choosing a name that’s a little too close to theirs, or false advertising, other businesses don’t care if you did something on purpose or not. If some businesses think they can make a case and bring your competing business down, they’ll try.

When someone brings a lawsuit against you, you’ll need a lawyer. A good lawyer isn’t cheap. Paying for a lawyer can be more than a small business can handle.

Commercial insurance provides coverage for lawyers to fight against lawsuits related to intellectual property.

Your Online Accounts Are Frozen in a Cyberattack.

More and more companies operate online or store information online. And with the increase of information available, hackers are getting better and better at accessing that data and using it for their own benefit.

Having a cyber security breach is a nightmare. You’ll have to inform all your clients that their personal information is at risk. Then, you’re responsible for helping your clients protect themselves from the attack.

The more people impacted, the more serious the risk to your finances. Understanding what cyber insurance is and how it’s essential for any company that does business online and keeps customer information online. It can provide the coverage you need to stay in business despite a cyberattack.

A Hurricane Destroys Your Business Property

Whether it’s a hurricane, tornado, or violent summer storm, Mother Nature can wreak havoc in an instant. Homeowners need home insurance to protect their physical property from these events, just as business owners need commercial insurance to protect their business property.

When your business building and property are damaged, business insurance will cover your losses so you can rebuild and keep going.

If other business nightmares are coming to mind, there’s a good chance there’s an insurance policy that can put your mind at ease.

When choosing an insurer, make sure you compare quotes to find the best price. Also, choose a reliable insurer by checking out their customer reviews and ratings on AM Best and J.D. Power. A good insurer will help you overcome nightmares and keep your business growing.

About Author

Melanie Musson, a published insurance expert, is the fourth generation in her family to work in the insurance industry. Over the past two decades, she has gained in-depth knowledge of state-specific insurance laws and how insurance fits into every person’s life, from budgets to coverage levels. She specializes in autonomous technology, real estate, home security, consumer analyses, investing, digital security, and business finance.

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