If you’re a small business owner and May 10th isn’t circled on your calendar, it should be — it’s National Small Business Day! It’s a day celebrating the value that small, locally owned businesses add to their communities.
You are probably familiar with Small Business Saturday, which encourages people to shop with local retailers. However, National Small Business Day is all about honoring you – your hard work, dedication, motivation. And from the Boyd Insurance & Investments team, congratulations on your small business! Your entrepreneurial spirit is not only commendable, but it’s also the backbone of our community.
According to the Small Business Administration(link not found), there are 30.2 million small businesses in the United States and small businesses created 60% of jobs between 2009 and 2013. If that’s not something to celebrate, what is?
Beyond the economic effects, local businesses help to create a community that is completely unique. Many small businesses carry on local traditions and give back to local causes, keeping the community vibrant.
At Boyd Insurance & Investments, we are proud to be a generations-old family business. Our identity and commitment to providing protection for life in Manatee County began 45 years ago. In 1974, Wilbur Boyd recognized that the road to success had to be paved with exceptional customer service and quality. A truly inspired entrepreneurial spirit, he founded Boyd Insurance & Investment Services on that premise. In the mid-70’s he was joined by Jim Boyd and Pat Osburn, who soon carried on the family business together as co-owners. And today, the third generation of Boyd, Austin, carries the torch into 2019 as our newly-appointed President. We’re celebrating National Small Business Day by sharing some insurance tips for small business owners. There are many decisions you have to make in order to be successful and identifying the right insurance coverage is one of them.
Keeping these tips in mind can help you secure the right insurance for your company:
1. Check your State Requirements:
Look into your actual state requirements, they vary throughout the country. Florida businesses with four or more employees are required to have workers’ compensation and all company-owned vehicles must have commercial auto insurance. Check with your agent to be sure that you are compliant with all of your legal requirements!
2. Understand your needs:
Each business has its own unique insurance risks and requirements. There are a number of different types of small business insurance, and your agent can help you look at options to your coverage based on your business’s specific needs and risks. At Boyd Insurance & Investments, our agents have access to multiple carriers, so they’re very well equipped to deliver the customized insurance options you need.
3. Property Insurance Doesn’t Cover Disasters:
Almost every business needs property insurance, to protect against losses like theft or fire. Many insurance buyers assume that their property insurance covers against all losses. However, major disasters such as hurricanes or floods are usually NOT covered by standard property insurance. You need specific riders for those kinds of damages, which will be more or less expensive depending on your location.
4. Consider a Package Deal:
If your business requires a number of different types of coverage you may want to consider a Business Owner’s Policy (BOP). A BOP bundles different types of coverage together and can save you money versus buying separate policies for your various insurance needs.
5. Protect your Home and Office Separately:
Some small business owners who operate a home office think that their homeowner’s insurance will cover problems the business encounters since it’s in the home. However, a homeowners’ policy does not protect a home-based business. Be sure to add a rider to the policy that would cover your home-based business.
6. Cyber Liability for Online Businesses:
For online businesses, you may also need liability coverage if you collect any payment or personal information. If you ever get hacked or if there’s a leak of that information, customers may be able to take action against you.
7. Always review and update the policy every year:
As your business evolves, so will your risks. It’s a good idea to review your insurance policies with your independent agent. A good rule of thumb is to call your insurance agent if your business experiences any of the following:
- Hiring or firing employees.
- Taking on new business partners.
- Relocating or purchasing an additional location.
- Undergoing renovations.
- Purchasing new equipment.
- Changing the types of goods or services you offer.
When in doubt, call your insurance agent. Allow your agent to be your trusted advisor.
Boyd Insurance and Investments is here to help provides Protection for Life through all of life’s unforeseen circumstances. If you have any questions call (941) 745-3800 or get an online quote today at https://www.boydinsurance.com/contact/