By Hunter Hoffmann, Guest Contributor
Starting a small business is an exciting time. You have the pride that comes with seeing your vision come to life when you officially open the doors, or launch your website, mixed with the nervousness of the unknown. You’re putting yourself out there and it’s a risk – but you’re doing it, and only with great risk can you reap great rewards.
You have your company registered, your shop and/or website is up and running and maybe you’ve even hired some new staff. But, don’t forget to protect yourself, and your company, with the right insurance. Here are 3 simple tips to getting the insurance you need for your small business without breaking the bank.
- First, make sure you’re protected. The lists of things that seem more pressing than insurance for a new small business owner is nearly endless. I won’t even try to make it exciting – but it is necessary. All it takes is one unhappy customer or partner and you could be facing a potential lawsuit – even if you didn’t do anything wrong. Unless you’re willing to stake the future of your business on what you’ve learned from watching Law & Order repeats, you’re going to need a lawyer and those are expensive if you don’t have insurance to provide you the legal representation you need.
- Get the insurance that’s right for you. Each business has very specific risks and should have insurance policies tailored to their needs. Your wedding photography business is probably much lower risk than a company that offers skydiving on motorcycles or something else that’s inherently dangerous. You should get protected, but only for the risks your company actually faces. Each small business is different and you can keep costs down by working with an insurer that understands that.
- You’re looking for a relationship. Hopefully you won’t need to file an insurance claim anytime soon, but when you do it’s important that you know who to reach out to and that they’re responsive. Like with any relationship, this takes a bit of intuition. Did you get the feeling that the company cared about you and really understood your business and the pressures you’re facing. Did they respond to your questions quickly? If the purchasing process didn’t leave you with the best feeling, imagine what it will be like if you have to file a claim.
Small businesses are the lifeblood of the economy and it’s only from people taking risks that the economy continues to develop and grow. These tips will help you get the right insurance for your business so you can worry about everything else and keep growing.
Hunter Hoffmann is Head of U.S. Communications at Hiscox Small Business Insurance and is responsible for media relations, social media, internal communications and executive messaging. Hunter lives in New York City with his wife and two sons – Walker and Otis. In his spare time, he moonlights as Chief Marketing Officer and deliveryman for Junior’s Fresh, a fresh baby and toddler food delivery service and pre-school meal provider in New York City founded by his wife, Michelle.