Insurance for Small Businesses: A Few Things Worth Thinking About by Scott Sleightholm, President of Kenny Insurance Brokers If you run a small business, chances are you are doing a bit of everything – sales, service, bookkeeping, problem-solving — and somewhere near the bottom of the list sits insurance. Most business owners know it is important, but it often feels complicated, time- consuming, or like something that can be dealt with later. What we see most often is not business owners who have no insurance at all, it is business owners who think they are covered, only to find out later that something important was missed. Insurance doesn’t need to be overwhelming, but it does need to reflect how your business actually operates. The Basics (Without the “Insurance” Jargon) Every business is different, but there are a few types of coverage that make up the foundation for many small businesses. 1. Commercial General Liability Insurance (CGL): this helps protect your business if someone is injured or their property is damaged because of what you do. This could be a customer slipping, or accidental damage at a client’s location. 2. Commercial Property Insurance: this covers the physical things your business owns — tools, equipment, inventory, furniture, or supplies. Even if you rent your space, your landlord’s insurance does not cover your contents. Also, if you have done any renovations to your space, these would need to be insured too. 3. Business Interruption Coverage: this is one that often gets overlooked. If a fire, flood, or other insured loss forces you to shut down temporarily, this coverage can help replace lost Fire yourself. We’ll handle the digital marketing.
income and cover ongoing expenses while you get back up and running. The Stuff People Don’t Always Think About Some of the biggest insurance gaps come from everyday activities that don’t feel risky at the time. Personal Vehicle for Work: One common example is using a personal vehicle for work. Many business owners assume their personal auto policy will cover them if they’re driving to a job site, meeting clients, or making deliveries. In reality, many personal policies either limit or exclude business use. One accident while using your vehicle for work can quickly turn into a problem if your insurer wasn’t aware of how the vehicle was being used. Home-based Business: this is another big one. Whether you’re storing tools in the garage, running an online shop out of your basement, or meeting clients in a home office, most home insurance policies offer very limited to no coverage for business activities. Business equipment, inventory, and even liability related to client visits may not be properly covered without some adjustments. Cyber Insurance: Cyber risks are not just for big companies. Even small businesses rely on email, invoicing software, online payments, and customer databases. A cyber incident can mean lost data, downtime, and reputational damage. Many small business owners are surprised to learn they have little or no protection in this area. “My Business Is Still Small” This is something we hear a lot. The challenge is that businesses don’t usually change overnight — they grow gradually. You hire your first employee, buy new equipment, add a service, or take
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