Protect Yourself While You Grow
No one wants to stay stagnant. Entrepreneurs get into business to expand and to flourish. But all the hard work can still be undone by unseen and undeserved chance. Thankfully, you can protect yourself by following a few simple steps:
Know your enemies
Not your competitors, but your risks. Great businesses can be derailed by all kinds of accidents. The key to preservations is proactivity. Sit down with a broker and map out the most likely failure points (using historical data), then match your policy to mitigate against those risks.
Scale your insurance with your business
Owners can get distracted. It’s a universal problem. They have too many things coming at them, and too little time to do justice to all of them. As such, things that are already “done” are often put out of mind. This means that policies can often sit without being updated, even though the underlying circumstances have changed. It’s important to have a broker that can check in on regular intervals to ensure your policy still matches your reality.
Never take a knock-out punch
A tolerance for risk is what separates entrepreneurs from employees. It’s a very healthy thing. But unnecessary risk for the sake of short-term growth has undone many promising start-ups. Insurance costs valuable money. But it also ensures that you keep making money, and that you get to retain what you’ve already made. To be under-insured is to put all that at risk. In the long-run, adequate coverage is the most important ingredient in sustained success.
BrokerAge has a team of local partners and brokers available to help you secure your plan for market-domination. Book a meeting with them today.