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Small  Business  Insurance...Is  it  Important? Bookmark and Share

“Oh, dry the starting tear, for they were heavily insured.” -­

For  a  small  business,  when  you  hear  the  word  “insurance”,  what  comes  to  mind?   Does  the  word  start  to  stir  questions  about  your  small  business. Do  I  need  insurance?     How  do  I  know  what  kind  of  insurance  I  need?     Can  I  afford  insurance?     Can  I  afford  to  not  have  insurance? All  of  these  questions  are  sensible  and  are  all  deserving  of  attention.        

Insurance  is  important  and  whether  you  are  self-­‐employed  or  employee  50  people,   you  need  the  correct  insurance  to  protect  your  hard  work  and  success.  Let’s  start  at   the  beginning  (always  a  good  place  to  start).      

Step  1:  Review  your  business.  What  items  should  have  insurance  on  them   (equipment)?  Do  you  have  employees?  Do  you  have  vehicles  you  use  for  day-­‐to-­‐day   operations?  Do  you  have  a  home-­‐office  or  do  you  rent/lease  space?  Do  you  provide   products/services  to  other  clients?      

Step  2:  Call  your  insurance  agent  (or  take  the  time  to  ask  another  small  business   owner  you  who  handles  their  insurance,  if  you  are  looking  for  an  agent)  and  ask  for   a  meeting  to  go  over  your  needs.  Your  agent  will  be  able  to  assist  you  on  making  the   correct  insurance  coverage  decisions.      

Step  3:  Make  a  decision  about  your  insurance  needs  and  purchase  the  necessary   coverage.        

Keep  in  mind;  the  most  popular  and  requested  small  business  insurance  is   GENERAL  LIABILITY  INSURANCE.  According  to  the  Small  Business  Administration   (,  business  owners  purchase  general  liability  insurance  to  cover  legal  hassles   due  to  accident,  injuries  and  claims  of  negligence.  This  policy  is  a  great  first  step  for  a   small  business  that  currently  does  not  have  any  insurance  coverage.        

It  is  important  to  remember;  state  government  regulates  insurance  requirements   for  businesses,  especially  when  you  have  employees.  If  you  have  employees  (even   just  one)  you  need  to  have  workers  compensation  insurance,  unemployment   insurance  and  in  some  cases,  state  disability  insurance.  Contact  your  insurance   agent  if  you  currently  have  employees  but  do  not  have  the  correct  insurance.            

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McKinneyOlson Insurance is a premier personal and commercial insurance agency located in Sioux Falls and Brandon South Dakota. McKinneyOlson specializes in commercial property insurance, workers compensation insurance, commercial auto insurance, personal homeowners insurance, and personal auto insurance and many other types of insurance.