Running a small business is challenging. You are likely the only one making decisions about growth, services, service areas, and insurance. The most important of all those decisions is insurance. Every small creative business should have business insurance.
Whether you are a wedding photographer or videographer, a graphic designer, or a digital marketer; you need insurance to protect you from various issues that can arise. There isn’t enough time in the world to run a small business. What would happen to your small business if you become sick or if you suffer an injury and cannot work for months at a time? There are insurance policies available for small creative businesses that can protect you in these circumstances. Follow the tips outlined here for choosing the right insurance for your business.
Evaluate Your Risk First
The first thing you need to do is evaluate the risk of your business. Consider the following:
- Structure of the organization: most small creative businesses organize an LLC because there aren’t any partners or proprietorships present.
- Speak with your attorney: schedule an appointment with your attorney to talk about your business, what it is you do, and what risks they might foresee for you.
- Consider the scale: consider the scale of your business as it is right now. You might not feel the need for insurance at the moment, but what if you decide to expand and hire a couple of employees?
- Consider your tolerance for risk: now you need to think about your tolerance for risk. How much risk are you willing to take when it comes to being uninsured or insured?
- Speak with an insurance agent: schedule an appointment with an insurance agent about your business. Ask them to provide recommendations for the type and amount of insurance you need for your wedding photography business.
Business Insurance Options Available
Now it’s time to take a look at the various insurance for business policies that are available:
- General liability: this is an insurance policy that will protect your business from just about any type of lawsuit someone might file against you, including slander or libel. This type of insurance is considered a blanket for a small business.
- Property insurance: property insurance will protect your business’ physical property, including the building you own or rent, as well as protection from theft of your equipment.
- Business interruption insurance: running a small creative business by yourself is never easy. What happens if you get sick and cannot run the business for a couple of months? This type of insurance will protect you should you be unable to work for an extended period due to illness, injury, or some other factor.
- Health insurance: since you are running a small business it’s likely you are not employed anywhere else. This means you will need to purchase health insurance for yourself, especially if you are not married and not on a spouse’s policy. You also have the option to purchase health insurance for any of your employees, if they work for you full-time.
Purchase Your Business Insurance Today
If you are not willing to take the risk of being uninsured while running your business, it is time to purchase a policy or two today. Visit Insurance Online to browse the best business insurance available for your graphic design company. Or give us a call us today at (800) 956-9611 to speak to an agent.