The first few years of a new business can be highly stressful for a business owner, and it’s so encouraging when at last you start to see some payback for all the money, time, and effort you’ve poured into your business enterprise. It is also important to take needed mental breaks when things do get stressful, according to Startup Nation.
In addition, once you have established your business, your next project may be to move your business to another level – and if this is the case, it’s important to consider whether your Wisconsin business insurance coverage should be reviewed.
Any business is exposed to a range of risks, and as your enterprise becomes more profitable, there’s a growing need for protection from the financial consequences of disasters that could affect business profitability.
• Do you have adequate insurance for business property?
Property is not just the bricks and mortar building your business occupies, but also machinery, furniture, office, and professional equipment that you use in your business, along with inventory items that are awaiting sale.
• Does your business employ staff, and are you required to hold workers’ compensation insurance for hired staff?
• Do clients visit your business premises? Do you have liability coverage for the medical costs of a visitor who is injured while on the business premises?
• Do you have adequate professional liability coverage?
A business owner who provides services is at risk of lawsuits filed by unhappy clients who feel that they have suffered as a result of services you have provided.
The profits you have worked so hard for could be wiped out by an uninsured accident or other misfortune. This is why Community Insurance can help you and discuss whether your Wisconsin business insurance coverage should be adjusted as your business moves into its next exciting stage of growth!