The idea is the same for small business owners. They can seek assistance from their "village" – a network of professionals who can provide advice on effectively managing business finances, streamlining production, handling operations, or simply providing feedback on a new product. There are other areas to consider, too, such as the best ways to safeguard the time and energy they have invested in building their small business. In that case, an independent insurance agent is a fantastic resource.
For example, many entrepreneurs, like the Pasqualones, start their companies in their homes. However, it is a dangerous yet common misconception that a homeowners policy covers loss or damage to products, equipment, and other business property. A 2020 study revealed that 40% of all small businesses are underinsured, which rises to 60% for home-based businesses. An independent agent can help identify gaps in coverage and tailor the policy to fit their business needs. Agents can be a critical part of the network that helps small businesses thrive.
While small business owners rightfully focus their energies on the quality of their products or services and the satisfaction of their customers, they should also have an independent agent as part of their village to make their business interests a priority. The benefits of working with an independent agent are broad. Having an agent on speed dial lets small businesses owners address complex insurance coverage topics and get context on additional issues that they may not think to bring up, such as:
- Assumption of coverage: Business owners can sometimes make the easy mistake of assuming their current policy covers everything they need. A licensed professional independent agent can best explain what coverage they do and do not have.
- Big Picture Analysis: Independent agents not only advise on what coverage makes sense for where a business is now, but they also help project what would make sense for the future. They can think comprehensively about coverage and make informed suggestions about what to include.
- Networks, networks, networks: Agents are often members of the local community and can connect small business owners with other knowledgeable professionals who can assist with their business needs.
Just as it takes a village to raise a child, it takes a village to grow and maintain a business. A small business owner's network of professionals should include independent insurance agents to help them reach the goals they have set for themselves and those they did not know were possible.