Like other business issues, appropriate insurance for your business doesn't just happen - nor is it limited to the obvious risks of fire, theft and liability.
Sound insurance management is as important to your business as good financing, marketing or personnel management, because a lifetime of hard work can be lost in a few minutes. A good insurance plan guards against the unexpected, but your checklist for business protection should not be limited to the obvious risks of fire or theft.
If you use special tools in your business, for example, you may need specialized insurance to cover them. Or, if a bad storm shuts down your business for a period of time, you may need business interruption insurance. Although some entrepreneurs may consider such an event unlikely, many businesses in New England were severely impacted by the ice storm of 1998. Consider too the possibility that a major supplier may be unable to deliver goods or services that you rely on for your own customers. Catastrophic events can significantly affect the viability of your business.
Insurance is a fixed expense, but you don't want to spend money on needless insurance or for covering risks that may be highly unlikely. We advise that you bring a professional into the picture early to ensure that all coverage options are considered without unnecessary duplication and that costs are kept at a manageable level for your business.