How to Assess Risk for Your New, Small Business

Opening the doors to your new business is an exciting time. It takes a great deal of preparation and investment to get to this point, no matter what type of business you have.

Every month, more than 543,000 new U.S. businesses open their doors, according to Forbes.com. However, many small businesses shut down in their first year. It is essential to have precautions in place to minimize that risk. Small business insurance is one of the most important types of protections.

How to Buy Small Business Insurance

To purchase this type of insurance, take a step back away from your company. Look at your new business from a clear light. What type of risks do you or the business face now that you are open and operating? Your business insurance can help to reduce some of these risks.

Property Insurance: This type of insurance can help to cover your building. It can also help cover your inventory, equipment, and furnishings. It protects items from events such as storm damage, fires, theft, and vandalism.

General Liability Insurance: Every business, no matter the type, needs to have a general liability plan. This insurance provides protection from claims made against your company. These may include negligence claims for product failures or slips and falls from third parties.

Commercial Auto Insurance: If your business operates vehicles regularly, this form of insurance is necessary. It can help protect against risks such as theft, accidents, injuries and equipment or inventory loss.

Can a BOP Help You?

Small business insurance needs to protect all assets from all risks. One way to minimize the cost of having individual policies is to invest in a Business owners plan, or BOP. It can provide coverage for most risks that a new business faces. However, you still need to talk to your agent to determine the best coverage for your company. You may need workers’ compensation coverage, employee practice insurance, professional liability insurance, and much more.

The right insurance plan reduces your risks overall. When you work with your business insurance agent, he or she can help you address the specific concerns impacting your company and help you to create a policy that minimizes these risks significantly. That gives your new business the chance to be successful.

If you have questions about El Paso small business insurance, let us help. We can issue you a policy that will meet your needs. Call us at 915-562-0009 for more information.