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Research has shown that at least a fifth of new startups never make it beyond the first year of operation. And, if they do, half of these businesses will fail before they celebrate their fifth milestone. Indeed, the early years of a company are quite uncertain. And, if you are a small business, it’s not always easy to compete with the big fish. You have too many odds against you. That’s why; every small business owner should have some minimum insurance cover for the business. It comes in handy to give you peace of mind as you concentrate on growing your core business. So, what type of insurance is essential for your line of business?
Life Insurance
Small business owners carry the mantle of their business wherever they go. That’s why the sudden death of the owner may also mean the end of their business. Then, what happens when the business owner passes on. The company can go bankrupt overnight, leaving family members with lots of debts.
But, if the entrepreneur has an active life insurance policy at his time of death, it’s a sigh of relief for his beneficiaries. Life insurance cover will pay the beneficiaries the agreed amount and relieve their financial burden due to death.
Professional Liability Insurance (PLI)
Is your business a consultancy firm in the medical, accounting, or legal professions? Consider getting professional liability insurance, or PLI. Indeed, PLI is necessary to cushion professionals from claims arising due to their negligence, malpractice, or misrepresentation on their part. Still, this cover excludes crime-related claims or cyber liabilities. Other professionals that need PLI cover include teachers, therapists, counselors, insurance agents, and contractors. For each of the sectors, the PLI policy retails in a unique name. Pl… Read More
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