As a small business owner, it is likely that your business is the sole source of income for you and your family. Protecting your financial interests with a good California business insurance policy is vital. But there are many potential events that small business operators fail to consider, and they can be just as likely to occur as the ones you have covered.
Business Interruption
Many events can cause disruption, from a natural disaster or a lengthy power outage, to the breakdown of specialized machinery that can’t be immediately repaired or replaced. For the small business operator, these events can mean going without an income for weeks, or even losing good employees because they need to find alternative work.
Key Person
Do you have a partner or employee who has skills or knowledge vital to the business? If they passed away unexpectedly, you may be unable to operate the business for some time, or you may lose important clients. This is another risk that may be worth covering.
Your Health
Do you have personal income protection or accident and disability cover in place? For a small business, the presence of the owner or someone with equivalent knowledge and experience is often vital – but if you have to pay someone to run your business while you’re recovering, would there be enough left to pay yourself too?
If you have an existing business in CA, business insurance is probably already in place, but have you protected your income?