Hopes. Plans. Expectations. We’ve all got them in some form or another. 2020 is on the horizon. Are you thinking ahead, making plans, perhaps envisioning your own 20/20 ideas and expectations? For some, starting a new business or purchasing an existing business combines the practical need for income with personal hopes, plans, and expectations.
Why take the risk of starting a new business or purchasing an existing commercial enterprise? A prime motivation is autonomy. Business owners want to be their own boss, make their own business decisions, and hopefully, exercise more control of their personal destiny than they may be able to as an employee. To some extent, entrepreneurs have more flexibility in scheduling work hours than employees do, but often they work longer hours than a standard work week. Some may contemplate a business plan that includes generational perpetuation or actually be the newly acquiring generation.
Without question, owning and running any size commercial operation is not a sure thing. Plans do not always work out, at times hope may be hard to find, and expectations are dashed. Even so, many hardworking, adaptable business owners are discovering that hopes, plans, and expectations do have potential to intersect.
How does an independent insurance agent fit into your start-up or newly acquired business plan? For starters, an independent insurance agent may be a good sounding board for a general discussion about your business and your budget. Many independent insurance agents have experience handling a variety of different categories of commercial insureds, so they have a basic to expert familiarity with a number of business operations. Depending on the size and type of business to be insured, an experienced independent insurance agent may give you a ballpark minimum premium to include in your budget projections. Generally speaking, independent insurance agents have reliable knowledge of the commercial and business insurance market and strive to place individual commercial accounts with an appropriate, quality insurance company. Below is a sampling of questions an independent insurance agent may ask to help you address some of the exposures of your business:
- What is the nature of your business, and how much insurance do you need?
- What insurance is optional vs. what is a must?
- Are there industry standards regarding specialized insurance coverage, such as professional liability insurance, for the business you are starting or purchasing?
- Is there a mortgage/lien on business real property and/or business personal property?
- What personal property, such as computers, tools, equipment, vehicles, will be owned or used in the operation of the business?
- Will business personal property remain at one site or be moved from site to site?
- Will customer data be stored on an electronic device(s)?
- Will the business be structured as a sole proprietorship, partnership, or corporation? Are there subsidiaries?
- How many employees are anticipated?
- Is there or will there be a board of directors?
Mark your calendar 90-120 days before your expected start/acquisition date to contact Richey-Barrett Insurance. Richey-Barrett is a Trusted Choice Independent Insurance Agent for all of your commercial insurance needs, now, in 2020, and beyond. We tailor commercial insurance packages for all sizes and types of businesses.