So who watched the 2nd Presidential Debate?
(assuming all hands are raised)
Even with all of the sort-of-true and sort-of-stretched statistics, I was able to learn a few things.
Things I Learned From the Presidential Debate
- Mitt Romney has a 5 Point Plan
- Barack Obama was raised by a single mother
- If you’re a MIDDLE CLASS American or a SMALL BUSINESS OWNER, you are in for a bunch of goodies!!!
Or maybe not…
Maybe the rich will get richer, the big corporations will get bigger, and you’ll be back where you started. Odds are good that you’ll get very little help from either party, so it would be smart to have a plan of your own. As a SMALL BUSINESS OWNER, you’re not going to receive a bailout from The FED when your business takes unnecessary risks so…
…you better have insurance. All kinds of insurance.
What Types of Insurance Should a Small Business Owner Consider?
Everyone should already know about the general liability or liability business insurance and property coverage that small businesses should have. But there are a few unique policies which could be extremely beneficial to businesses.
1. Key Man Insurance
Key Man Insurance is an insurance policy on the life (or health) of any employee. If the employee’s knowledge or output could not be readily replaced by a successor then Key Man Insurance may be a necessary thing. The lump sum received would basically buy the time it would take to replace this person.
2. Worker’s Compensation
This term is frequently used because many larger corporations are all over it. However, I have found a lot of smaller companies to forego this important insurance. Worker’s Compensation provides wage replacement and medical benefits to those hurt while performing their job. In exchange for these benefits, the employee gives up the right to sue the employer.
3. Data Breach Insurance
With the growing use of technology in business, it’s important to understand the risk involved as well. Small businesses are accepting payments in different ways and also receiving/storing personal information of their customers. This kind of insurance simply protects the business in case some whiz-kid hacker wants to make your life Hell.
4. Professional Indemnity Insurance
Professional Indemnity Insurance protects the business from claims stemming from poor advice or if someone makes a mistake. This is great for companies that dish out advice and provides a professional service. Possible professions could include: lawyers, accountants, consultants, real estate agents, insurance agents, or even hair stylists.
Readers, what other unique insurance policies can you think of that are available to small businesses?