Insurance Tips for Small Businesses

Deciding to own a business is commendable

Deciding to own a business is commendable. It takes a lot of risks and a lot of hope. Those who have an entrepreneurial spirit keep our economy thriving. However, there are some areas where you should limit risks. If you’re a new business owner, then you should indeed invest in insurance to protect not only yourself but your employees. Are you interested in learning about a few insurance basics? Then, keep reading! We have some tips to share today.

Do I Truly Need Business Insurance?

Absolutely! Workers’ compensation and disability insurance are necessary as the law mandates these types of policies in some states. If you own a company car, you will also need a policy that covers liabilities.  In other cases, coverage includes getting a business loan or lease. It can also involve getting a supplier or customer contract or a local business license.

How Risky is It to NOT Have Insurance?

A lot of small businesses go without policies to protect their business due to the expense. These small businesses often do not think of the risk that they’re taking. Without insurance protection, a company can suffer financially. Some of these risks include natural disasters, employee theft, employee accidents, the loss of a key executive, product-related injuries and accidents, and much more! As a business owner, you don’t want your assets jeopardized. Most startups fail because they don’t prepare for a rainy day. If you don’t want to be a part of this statistic, then you should contact us to discuss what policies will be best for you and your employees.

How Can I Protect My Business?

1) Make the Call

Call Malden Solutions today so that we can set you up with a well-versed insurance broker. We have the right advantage. Our insurance brokers want what’s best for you and your business. They’re not here to represent a specific company, but they want to find the best plans for you and your employees. It can be overwhelming to find comprehensive policies that encompass all of your needs, so let our team help you!

2) Understand Your Risks

Depending on the industry you work in,  certain types of policies will be more suitable for you. For example, if your focus is E-commerce, then you will need a data breach policy. If you own a mechanic shop, then you will need disability insurance just in case something happens to one of your mechanics. Do you and another person co-own the business? You may want to consider key person life insurance.

Partner with Malden Solutions Today

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business.  Stay connected with us on Twitter,Facebook, and Linkedin.

This entry was posted on Friday, August 16th, 2019 at 5:35 am. Both comments and pings are currently closed.