Business Insurance Day

Today is the day I get to renew my business insurance policy.  My first business was with a network marketing company and I didn’t need business insurance.  This is one of the responsibilities I didn’t think of when I struck out on my own.  As I worked on my business plan I had to look at what could go wrong and one thing that kept coming up was liability.  Unhappy people looking for ways to get money.  I realized that if things went sideways with a customer or independent contractor that they might try to sue me.  So I did my research.

I don’t know how it would be today, but this time last year when I was shopping for business insurance it wasn’t easy.  Lots of agents didn’t even call me back.  I wanted to do my due diligence and get 3 quotes.  Well, that never happened (one gave me the info on the policy and not the price).  I ended up going with my current company, GLB Insurance, and again I think everything happens in divine right order.

In case you are starting up or thinking about getting a policy, let me give you a heads up about another unpleasant surprise.  The companies sell the policy on an annual basis.  So then (unless you can pay the whole year up front) you have to get financing.  Luckily, I was referred to a finance company that worked with my insurance company and it was no problem – I just had to come up with a 3 month down payment!

So that was my rough start to being insured last year.  It does make me feel more secure knowing I have that policy to back me up.  And I also see it adding a level of professionalism to my company – I am willing to put my money where my mouth is.  I do throw it in when I am talking to a prospect that I am an LLC and that my company is insured.  Why?  Because they see that I take things that seriously.  That I am willing to put money on the line to bet that I am going to get the job done right.

Now the renewal is better.  Since I have a good payment history with my company they brought my annual policy to a different finance company who is not requiring a 3 month deposit (that definitely helps the cash flow!) and my business will move seamlessly into it’s second insured year.