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Mistakes Small Business Owners Must Stop Making

Starting and running a small business is an exciting and potentially rewarding experience. However, any aspiring entrepreneur is bound to run into a few problems along the way. Though some of the issues you might encounter are unavoidable, you can take measures to prevent substantial loss or damage to your business and yourself. Here are a few tips to help you prepare for unforeseen circumstances. Discover more below. 

Life Insurance

In most cases, people who own small businesses ARE the business. You have to ask yourself what would happen to your business (and more important, your family) if you passed away? Would your business survive without you? If you have someone depending on your presence for their income, it's essential to have life insurance and give yourself peace of mind that your loved ones will be covered should something happen to you. This coverage is usually inexpensive with the option of ceasing the policy at any given time. You can also add on additional benefits such as a disability benefit, which will pay out a sum of money if you are rendered permanently disabled and thus unable to work.

Don’t Rely Solely On Your Home Insurance Policy

This applies for the most part to people who run their business in their home. Whether it's a small grocery or a retail shop, your Home insurance doesn't cover any property that is used for business. That includes structures and business equipment. A business insurance policy usually offers very specific coverage for situations you might not think or even be aware of. Make sure you have the right coverage no matter how small a business you're running to avoid liability and legal issues.

Disability

According to Malta's National Statistics Office, over 3000 people suffered an injury during work during the previous year. Though some injuries may be minor and only last a couple of weeks, its not unheard of to experience a long-lasting, perhaps even permanent disability. If losing your pay check for that period (or longer) is enough to ruin your finances and credit, do what’s necessary to ensure your covered. Getting this type of insurance will support you should you find yourself unable to work in your line of career due to a disability. 

 

Loss-of-Income Coverage

You need the loss-of-income policy to take care of the damage done to your income as a result of the business facing financial difficulties. You never know if your business might be affected due to external influences outside of your control. Adding this coverage to your existing policy can support should you ever be faced with a situation in which your income was seriously affected.  

To find out more on how Laferla can cover you and your business discover our range of business insurance services and contact us today.

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