Do you have a multi-billion dollar business idea floating around in your head? Do you have an idea on how you can execute your plans for your future business and protect all of your assets?
Taking that first step often seems just too daunting, right? Don’t let it deter you. Many leaders have been in your shoes and beaten the odds.
Instead of letting fear keep you back, arm yourself with knowledge and the path may seem more viable. With this article we aim to prepare you for at least one aspect of realizing your dream: Insurance.
Every company starts off small, and the growth of a company needs protection from outside forces. There will always be challenges we face to keep the balance, but how do you protect your future assets and shield yourself from certain liabilities?
We list four key elements any business can use to build a safe working functionality.
Protection Against Unforeseen Forces
There are certain aspects of life that we as humans can’t predict or control. Depending on the function of your business you will need to put certain aspects in place to prevent accidents from happening.
Perhaps a practical example will help?
Take a document storage company:
- You’re liable for the protection of confidential and important documentation
- Having a multitude of boxes, paper and files is an extreme fire risk
- There is also the risk of water damage
You can install fire hydrants and sprinkler systems but at the end of the day, those documents are at constant risk of getting damaged. Do you have a plan in place to protect you from losing your fortune, no matter how big or small? Don’t risk lawsuits for the simple fact that you didn’t have the correct business insurance in place to protect you from these liabilities.
So how do you do it? First step is choosing the correct broker that’s familiar with offering business insurance.
We can’t control outside forces, but we can control our actions. So, make your decision count.
Credibility is Everything
If you’re a service provider your clients need to know that whatever they’re investing in is going to be protected at all costs. A business will never put their trust in a service provider that can’t ensure the safety of their business.
In any relationship between a first and third party, there needs to be trust. Business insurance shows that you can provide a safeguard for you and your clientele. Once again, who you pick to partner with matters because their reputation will influence your own.
Important take away: Small decisions such as which broker you pick can have an immense effect on the rest of your business.
To generate brand awareness and build up your company, you need a marketing strategy. However, sometimes incorrect research leads to copyright infringements. The benefits of having the correct business insurance can provide a shield to copyright claims.
An important realization for all modern businesses is to notice how the market is changing. Rules about digital marketing changes constantly:
- Think of how GDPR rules affect who of your audience you can contact and how you can do it.
- Authorities are trying to protect consumers by limiting how much influencers can say on social media platforms such as Instagram. If they don’t mention when they’re getting paid for promoting a product they face legal problems.
Business insurance and the advice these insurance professionals can supply will prevent you getting caught up in these media disasters.
Can you see how insurance plays a role in all aspects of your business?
Employee Protection Cover
In the corporate environment, human injury can and most likely will happen. You may think that your working environment is safe for employees but how often is it audited? You work in an office environment and not in a factory or a high risk area.
And here’s another important take away: Accidents can happen regardless of the area you work in. So, don’t even accept your office workers are 100% safe.
Business insurance covers bodily injury to all of your employees.
There’s an added benefit when you give thought to your employees’ environment: Productivity soars. Workers perform better when they feel cared for, at ease and valued. Something simple such as communicating that you make provision for physical injuries on site sends a message of the type of leader you are.
Once again: Business insurance affects your business in multiple ways. Positively. It’s an investment and not an expense.
Most, if not all of these elements are legal and actually they’re necessities—not negotiable if you want to taste success.
When (not if) you go through with your multi-billion dollar business venture, make sure this is the first thing you put in place. Get in touch with a reliable insurance broker who can customize your coverage based on your business functionality.
Your success in future will be determined by your decisions now. Will you make the right ones?
If you have more questions, why not leave a comment below? Let’s learn from each other!