Attig Law Firm P.L.L.C

Wells Fargo and Gallup released the results of a Small Business Survey last week. The survey concluded that the top concern of Small Business owners in 2007 is insurance. Taxes, usually the primary concern of small business owners, came in second.

Here are some typical insurance needs of many small businesses:

• Property Insurance - Home based business owners need to make sure their homeowner’s policy covers their business activities. Business owners on a lease often need additional insurance, as the landlord’s policy rarely covers the tenant’s business assets.
• Worker Comp Insurance - If you have employees, this is a necessary expense. For small businesses, learning the ins and outs of workers compensation insurance can be a nightmare.
• Liability Insurance - Every business should consider the possibility that its products and services might injure someone.
• Key Person Loss Insurance - the most overlooked insurance for small businesses. If a key person (owner, salesperson, etc) dies or becomes disabled, will the business have capital available to continue operations or replace lost volume? Will a business have capital to buy out the heir that inherits an interest in the business but has no desire to actually operate the business?
• Business Income or Interruption Coverage - what happens if the business has a shortfall in revenue because of a disaster like a fire, flood, or some other disaster? Â Often, small business owners discover the need for this type of insurance in developing a Business Continuity Plan.

The key to taking the hassling out of your small business’ insurance needs is to realistically confront the risk your business is exposed to most frequently, and determine the business ability to financially protect against that risk.

A small business attorney can assist in assessing your business risk and insurance needs or goals. The Attig Law Firm provides objective legal advice to small business owners about their risk and insurance levels.