Small Business Owners Have to Stop Making These 4 Mistakes

Small Business Owners Have to Stop Making These 4 MistakesDon’t be like all the other small business owners, and avoid making these 4 mistakes.

Many small business owners think they know it all because they’ve built a business from the ground, up. And that’s OK! It’s not possible to know everything because we are mere mortals with only about 80 years to figure out as much as we can. Don’t be afraid to ask for help when your business is at stake.

  1. Loss-Of-Income Coverage

Most small business owners think that property insurance is all they need to cover their butts in case something happens to their business. They don’t think about the financial disaster that usually follows the natural disaster. With loss-of-income coverage, you’re insured for any losses in income your business may suffer.

  1. Disability Insurance

Disability is the number one reason that people lose their home as they find they aren’t covered (or covered for enough) and are forced to move to a house that meets their new financial lifestyle. Things like heart disease, back problems, and diabetes are the main causes of disability in the U.S.

  1. Homeowners Insurance Won’t Save You

If you run your business from your home, you should know that your homeowners policy won’t likely cover you in case you face damages and losses. Your homeowners policy stops where your home office begins; if someone hurts themselves in your office, you won’t be covered.

  1. Life Insurance Is a Must

There are many small business owners who are the lifeblood of their business, and if they were to all of a sudden disappear, their business would crumble because their role was vitally important. If you passed away, would your business survive? If not, what would then happen to your family? Especially if your business was the main source of income.
Don’t be another small business owner who makes these dreadful mistakes, and is forced to shut down their business. For more information about what business insurance policies you should consider, contact Purves & Associates Insurance Services. Serving Sacramento, Davis, and surrounding California areas, we will help you find the best coverage to meet your specific needs, all at the right price.