Tag Archives: Business Interruption Insurance

Steps to starting a small business successfully

The 11 Steps to Start your Small Business!

A woman holding an open sign

Starting a small business can seem overwhelming at first, but if you are reading this article, chances are you are brave enough to consider it or already have. Since small business make up 99.7 percent of the U.S. economy, according to the U.S. Small Business Administration, it seems like you aren’t the first and won’t be the last. But, if you have that entrepreneurial hunger, what you probably want to be is the best.

Whether you want to start a business with five employees or 300, the fundamental and basic steps …

The 11 Steps to Start your Small Business!

A woman holding an open sign

Starting a small business can seem overwhelming at first, but if you are reading this article, chances are you are brave enough to consider it or already have. Since small business make up 99.7 percent of the U.S. economy, according to the U.S. Small Business Administration, it seems like you aren’t the first and won’t be the last. But, if you have that entrepreneurial hunger, what you probably want to be is the best.

Whether you want to start a business with five employees or 300, the fundamental and basic steps are essentially the same. The SBA lays out the 10 steps to starting a business that might just be the beginning of a beautiful relationship between you and your dream.

  1. Write a business plan
  2. Get business assistance and training
  3. Choose a business location (We found a great list from CNN naming the 10 most entrepreneurial states in the US)
  4. Finance your business
  5. Determine the legal structure of your business
  6. Register a business name “doing business as”
  7. Get a tax identification number
  8. Register for state and local taxes
  9. Obtain business licenses and permits
  10. Understand employer responsibilities

Whether you’re starting a flower shop or an auto body repair shop, having the right insurance for your business and following these simple and fundamental steps is bound to set you up for success.

Business Interruption Insurance: When Disaster Strikes

You have a great business. You are meeting your customer and clients’ needs and operations are running smoothly. Then disaster strikes. Lighting hits your building and destroys one of your machines or a snowstorm collapses your ceiling. What do you do now? Your Business Owners’ Policy may take care of the damage, but what about all of the income that you lose by not being able to produce?

The answer is Business Interruption Insurance or Business Income Insurance.
These policies protect you from losing the revenue that you would have received if your business had not been forced to stop due …

You have a great business. You are meeting your customer and clients’ needs and operations are running smoothly. Then disaster strikes. Lighting hits your building and destroys one of your machines or a snowstorm collapses your ceiling. What do you do now? Your Business Owners’ Policy may take care of the damage, but what about all of the income that you lose by not being able to produce?

The answer is Business Interruption Insurance or Business Income Insurance.
These policies protect you from losing the revenue that you would have received if your business had not been forced to stop due to the disastrous event. It also covers Fixed Costs still incurred by the business, the expense of moving to a temporary location, reimbursement of reasonable expenses that allow your business to continue operating while repairs are being made (in addition to fixed costs), and Civil Authority Ingress/Egress (this includes government-mandated business closures that result in a direct loss of revenue, such as a curfew).

A Business Interruption Insurance plan is not a stand-alone plan, it is added to a larger Business Owners’ Policy (BOP) to provide additional coverage. When you are speaking with an insurance agent about the necessary coverages for your exact business, Business Interruption Insurance is something that you should consider, especially if your business is in the manufacturing, construction, or sales industries.

Don’t wait for a disaster to bring your business to a halt!  Contact us for a free quote or call us at 303-388-7216 and we will review what kind of coverage is necessary for your business.