A Business Insurance Update
The U.S. Small Business administration tells us that there are over 300,000 new businesses started each month in the United States. Half of these will not make it through the first year. There are many reasons new businesses fail including lack of planning, money, and uninsured losses.
A Few Tips on Starting a New Business
Develop a business plan that includes a mission statement, description of your products and services, target markets, competition review, how you will market your business, and financials. Many people overestimate first and second years’ revenues, so be conservative.
Make sure you have adequate business insurance. Many people do not consider insurance, then a loss occurs, and you start your business with an uninsured loss. You will need employment practices liability and worker’s compensation if you have employees.
Find resources in your local community that can help you grow your business. This may include your local chamber or other organizations.
As an Independent Insurance Agency we represent many insurance companies to fit your businesses dynamic needs. Whether you're a new business or a small business, we can help. Being an Independent Agent means we are not only your agent, but we are your insurance broker as well. We understand every business and industry is unique, so we will work with you to find the best business insurance coverage at the lowest rate. Contact us today for a free quote.
6/21/2019 03:32:38 pm
Thanks for the tips on how to start a business off the right way. I appreciate that you mentioned that you should make sure that you have adequate business insurance. I think that would help make sure that you were less stressed out if something happened because you would be covered.
1/14/2020 01:39:49 pm
It's good to know that you need to get the right insurance. My husband is planning on opening up his pest control business in the next couple of months, and he wants to make sure that he does everything right. I'll make sure to pass this information along to him so he look into getting the right insurance for his business.
12/16/2020 10:01:49 am
Thanks for sharing! This was really insightful :)
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6/23/2021 01:55:01 am
To establish a company plan that includes your objective statement, summary of your services and products, target audience, competitive assessment, exactly how you will certainly market your business, as well as funds
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