Starting a Business – Business Insurance
What matters most to you about your business? What would you do to protect it? When you’re a business owner, sometimes you have to ask yourself big questions. For example, what have you done to protect the future of your business? How are you going the extra mile to take care of your employees? What if the unexpected happens? Though these questions may be tough to ask, understanding the answers will benefit the business you’ve invested so much into. Learning more about the different types of business insurance will arm you with the knowledge you need to prepare for the unexpected.
Every business is different and, no matter the size, each faces unique challenges. As the business owner, you must decide if business insurance can fit your specific needs and protect the future. No matter what your business is, building a strong foundation, focusing on employees and preparing for the future will set you up for success.
Build a Strong Foundation
One of your primary responsibilities as a business owner is protecting your business from events that may threaten its future. Beyond basic protection, you have to ask yourself if your business would become a liability in the event of your disability, retirement or death. Controlling ownership through a buy-sell agreement, protecting against a disability through business insurance, and taking advantage of tax deductions can help grow and protect your business. Learn more about taking the necessary steps to build a strong foundation.
Focus on Employees
Offering benefits to your employees gives them the protection they deserve, and it helps make your company a place where people want to work. Benefits available through business insurance such as disability income insurance, life insurance, accident insurance, critical illness insurance, and dental insurance will help provide security that not only protects your employees but your business as well. Along with insurance benefits, going above and beyond to provide special compensation for key employees through executive bonus plans or deferred compensation plans will provide benefit options to retain important employees.
Prep for the Future
Prepare for the future of your business by making crucial decisions early on. Know who will run your business if something happens to you, or how you will exit your business in the case of retirement. Making a business succession plan and knowing the goals you have for retirement will set your business up for future success. In order to know what type of business insurance you need, you’ll need to learn what your business is worth through a business valuation.
With the strong foundation you’ve built by focusing on your employees and making a plan for what’s to come, you can worry less about the future and more about the work on your desk and meetings on your calendar.
Insurance products and services are offered by Mutual of Omaha Insurance Company or one of its affiliates. Home Office: 3300 Mutual of Omaha Plaza, Omaha, NE 68175. Mutual of Omaha Insurance Company is licensed nationwide. United of Omaha Life Insurance Company is licensed nationwide, except New York. United World Life Insurance Company is licensed nationwide except Connecticut, New York and the Virgin Islands. Companion Life Insurance Company, Hauppauge, NY 11788-2934, is licensed in New York. Omaha Insurance Company is licensed in all states except: AL, CA, CO, ID, IL, LA, NV, NH, NY, NC, PR, RI, VT, VI, and WI. Products not available in all states. Each underwriting company is solely responsible for its own contractual and financial obligations.