What is the true cost of small business insurance? There really isn't one way to accurately judge the cost of small business insurance. Each insurance policy is different and has its own premiums, deductibles, exclusions, etc. But some experts suggest that the typical annual expense for business liability is around $53 a month, and workers' compensation is around $ 85 a month. So it can be estimated that your annual expenses could run anywhere from several hundred to several thousand dollars.
Is purchasing insurance worth taking risks however? This is a question often asked by people who are contemplating starting a new business or expanding an existing business. In these economic times however, many business owners are wondering if taking risks is worth it. The answer is that yes, it is, especially if you plan on being in business for the long haul.
There are many examples where small businesses go without insurance coverage. One of the most common is when a business owner takes on too many debts. Too many credit cards can cause financial problems, as well as too many loans. In many cases, a business owner may not be able to keep up with payments and fall behind on their obligations, which can result in their debts becoming default. As a result, they will lose their home, have their car repossessed or foreclosed upon, and other consequences that come along with defaulting on a loan.
Another example of why insurance is a smart investment comes when an owner wants to purchase a home but doesn't want to put down a huge amount of money. If they don't own a home yet, they might be uncertain if they will ever have the funds to make a large purchase one day. With an independent agent, they can be sure that their premiums will remain competitive no matter what the current marketplace is doing. Independent agents also work closely with different kinds of insurance coverage to ensure they have a wide range of options that their customers can choose from and pick according to what best meets their needs. Therefore, even if someone decides to buy insurance on their first policy, they will likely find something within their budget to fit their individual needs.
Of course, there are always risks involved with owning a small business. Some risks can be eliminated by insuring them. For instance, most credit card companies will not insure a business unless they can prove that no other similar businesses have filed for bankruptcy. Therefore, business owners best bet is to get the right kind of coverage so that if they are hit with one of these unexpected events, they will not be at risk. Independent agents help small business owners do just that.
For example, if a business owner owns a boat, they probably do not need the same kind of liability insurance coverage as they would for a traditional bank. Smaller boats tend to be safer and less expensive to insure, which means that if there is a huge storm where the boat is damaged, the owner might actually save money rather than pay high premiums due to the high risk of damage from a hurricane or tornado. Therefore, it is important to talk to an insurance agent about whether or not the particular risks are worth the coverage and the price.
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