The One Entrepreneurial Risk You Should Never Assume-Insurance Requirements of the Self Employed
The One Entrepreneurial Risk You Should Never Assume-Insurance Requirements of the Self Employed
Talking about insurance ranks up there with my least favorite topics of all time and I bet you aren’t getting chills of excitement reading about it. Bear with me for a few minutes and this information could someday save your business and preserve your life as an entrepreneur.
I bet I have you hanging on my every word now-who said insurance couldn’t be exciting?
This topic actually hits close to home for me as I have had to evacuate my family from my home, where I run my business, twice in the past two years because wildfires were within a mile of our home.
Most small business owners carry liability, disability and property insurances. Property policies cover repairs to the physical structure and equipment in the event of damage from a storm or wildfire, but there is a critical insurance most small business owner’s neglect.
Business Interruption or Loss of Income insurance bridges the gap between the businesses normal income and its income due to a forced closing.
Loss of income insurance compensates for the loss of business income due to the business being forced to limit or cease operations. The cause of the loss of income can originate from the disability of the owner or key employee, a legal liability claim or loss of property-which might result from a fire, natural disaster, theft or vandalism.
Imagine if your business was located in St. Louis when Hurricane Katrina hit. Would you have been able to sustain your lifestyle if all of your business income disappeared overnight?
In addition to loss of income, business interruption covers ongoing expenses like lease or rent payments, utilities, taxes and some policies cover payroll.
Many small business owners who have experienced Mother Nature in the form of wild fires, hurricanes and tornadoes have learned their ability to survive, rebuild and reopen after a total loss was entirely dependent on their business interruption insurance.
The policies can be complicated, especially when determining the amount of income replacement. Don’t discount this insurance if your business is new or you haven’t made a profit yet. The policy will grow with you and may still cover your expenses.
Reduce your entrepreneurial risk. Do your research and consult with a professional and always remember to keep duplicate copies of your current financial records offsite.
The One Entrepreneurial Risk You Should Never AssumeInsurance Requirements of the Self Employed - To learn more about this author, visit Steve Little's Website.
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The most successful business owners have a high tolerance for risk but there is one entrepreneurial risk you should never assume.
Talking about insurance ranks up there with my least favorite topics of all time and I bet you aren’t getting chills of excitement reading about it. Bear with me for a few minutes and this information could someday save your business and preserve your life as an entrepreneur.
I bet I have you hanging on my every word now-who said insurance couldn’t be exciting?
This topic actually hits close to home for me as I have had to evacuate my family from my home, where I run my business, twice in the past two years because wildfires were within a mile of our home.
Most small business owners carry liability, disability and property insurances. Property policies cover repairs to the physical structure and equipment in the event of damage from a storm or wildfire, but there is a critical insurance most small business owner’s neglect.
Business Interruption or Loss of Income insurance bridges the gap between the businesses normal income and its income due to a forced closing.
Loss of income insurance compensates for the loss of business income due to the business being forced to limit or cease operations. The cause of the loss of income can originate from the disability of the owner or key employee, a legal liability claim or loss of property-which might result from a fire, natural disaster, theft or vandalism.
Imagine if your business was located in St. Louis when Hurricane Katrina hit. Would you have been able to sustain your lifestyle if all of your business income disappeared overnight?
In addition to loss of income, business interruption covers ongoing expenses like lease or rent payments, utilities, taxes and some policies cover payroll.
Many small business owners who have experienced Mother Nature in the form of wild fires, hurricanes and tornadoes have learned their ability to survive, rebuild and reopen after a total loss was entirely dependent on their business interruption insurance.
The policies can be complicated, especially when determining the amount of income replacement. Don’t discount this insurance if your business is new or you haven’t made a profit yet. The policy will grow with you and may still cover your expenses.
Reduce your entrepreneurial risk. Do your research and consult with a professional and always remember to keep duplicate copies of your current financial records offsite.
The One Entrepreneurial Risk You Should Never AssumeInsurance Requirements of the Self Employed - To learn more about this author, visit Steve Little's Website.
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Dianne CramptonDianne Crampton is an executive leadership coach, team consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. - Visit Dianne Crampton's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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