As a former restaurant owner, I know the grit and determination it takes to run a small business. The expression “blood, sweat and tears” comes to mind.
As a business owner, time and knowledge is everything. As a master of your craft or trade, you know your business better than anyone. However, being a master of your craft or trade doesn’t mean that you are a master of circumstances. Accidents can happen, even to the best of us. Those happening within your business can be highly detrimental.
I owned that restaurant long before I became an agent. I had commercial insurance, but I didn’t know the ins and outs of the policy. I recall getting mailed my 100-plus-page policy, but I had other priorities besides reading all that. With the experience I now have, I realize I had gaps in my coverage. My agent had provided me a standard policy, but he didn’t care about my business like I did. So, things were missed.
Most business owners only find out what their coverage is once a claim occurs—not the best time to find out that you have gaps. Talk about a mountain of stress!
There are a lot of moving parts in commercial insurance. Having an agent who cares about your business, who can help guide you and fill in the gaps, can help you save thousands of dollars on a claim. A good agent can also alleviate some of the stress of that claim while allowing you to continue running your business smoothly.
General liability is essentially lawsuit protection for your business. Say that you, your business or your employees are being sued for something that (allegedly) happened within your business. General liability coverage will kick in and protect you. Many business owners don’t have enough, though. The typical coverage amount is $1 million per claim, or $2 million per year. Sounds like plenty, right? Think again. Currently, the average lawsuit results in a payment of $1.5 million. With only $1 million in coverage, your business is on the hook to pay the remaining balance of $500,000. Your business and assets may be in jeopardy.
That is one of a few types of policies available for your business. Each policy has many facets that can be adjusted for every business type. They all play a key purpose in protecting you and your business. I know insurance is not fun to talk about or deal with. But I hope you can see the need for commercial insurance that is unique to your business. I enjoy going over customers’ policies to ensure that it is tailor-made for them, with no gaps.
Peace of mind is my top priority for my small-business owner clients. I will always treat your business like it’s my own. You could say, I take it personally.
Jonathan Brassfield is a Farmers agent with offices located at 120 SE 19th St., Ste 100, Moore. He can be reached at 405.310.4719 or jbrassfield@farmersagent.com.