Ways to increase revenue for your small business for Insurance Industry

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so you started a business you're generating Revenue you're maximizing profits things are going great until hey your business calls me some major damages I'm suing you that's right you get hit with a lawsuit and all of a sudden now your business assets are at risk and your LLC can't protect you because okay that only Shields you from personal reliability but what about your business assets right like your business vehicles or any real estate properties you have within the LLC or within your business or equipment and tools purchased by your business and of course any business cash you have on hand well the number one way to protect your business assets is with business insurance so in this video what I want to do is cover what business insurance is the different types of business insurance that you should know about and how you can get it all set up but before I dive in if you're new to the channel hey I'm Sean with life accounting the accounting company that helps you save on taxes and build more wealth hey please do me a favor and like this video now or at any point that you feel like I have earned it it goes a long way in helping this video reach more people like you who need to learn how to protect their business assets all right let's dive in with number one what is business insurance look every business has assets and you work hard to make your business a success but what would happen if you got sued okay business insurance is designed to protect your business from major risks and events happening okay this includes stuff like lawsuits or property damage or even theft and stolen property some policies will even hire attorneys and handle legal cases for you so that you can focus on running your business so whether you're getting started now or you've been in business for years it is crucial to have the right coverage in place otherwise you could jeopardize your business growth and end up having to deal with a very costly legal battle and look your LLC cannot protect your business business like the right business insurance policy can so let's move on to number two and talk about the small business insurance required by law depending on the type of business that you operate there are three types of insurances that can be required by law the first one is known as unemployment insurance okay so this insurance protects your employees if they lose their job to no fault of their own it allows them to continue to receive a portion of their income while they start seeking out new employment and so small business owners or employers pay for this unemployment insurance through payroll taxes and then the state government administers it so if you have W-2 employees then usually you can use your payroll provider I use QuickBooks to set up UI or unemployment insurance coverage for your business the second type of insurance that may be required by law for small business owners is number two disability insurance okay this insurance Insurance protects your employees if they are unable to work due to an injury or illness that they personally have now there are two types of disability insurance you have short term you have long term short-term insurance usually provides benefits for a period of six months or less and then long-term disability insurance provides benefits for an extended period of time typically two years or even more the third and last type of insurance that Most states require you to carry as a small business owner if you have employees is number three Workers Compensation Insurance because okay you are responsible for the safety and well-being of your employees this includes providing a safe working environment and protecting them from any potential injuries now as the small business owner you can and you should take steps to minimize the risk in your workplace but accidents still happen so if an employee is injured on the job Workers Compensation Insurance can help cover their medical expenses and any loss in wages that they have now while some of these insurances are required by law for certain small businesses there may be other policies you want to consider as well for example if you have a fleet of vehicles you'll need commercial auto insurance if you sell products you may need product liability insurance so let's go ahead and go over some of these additional Insurance options and number three business owner policies or Bop insurance I'm going to go through five business owner policies that you definitely should know about but look if you have no clue on what type of insurance you need then the company I recommend getting a quote from is called Next they ensure a variety of businesses in many different Industries and professions and so I'll put a link down in the description below if you want to check them out and get a free quote today alright so let's go ahead and get into my list of policies you definitely should know about number wine I have general liability insurance this type of insurance protects businesses from risks such as property damage personal injury and advertising injury if you're like making a claim that you can't back up okay this type of insurance can help cover the cost of legal fees settlements and judgments related to anyone making these claims against you in addition General reliability Insurance can protect businesses from Financial loss that can result from these claims so for businesses general liability insurance is an essential part of managing your risk and reducing your risk in case something crazy happens okay next on my list I have number two commercial property insurance which is important for businesses of all sizes because okay when you have this type of insurance it can help you protect your company's physical Assets in the event of damage or theft this includes buildings properties inventories and and other uh just business assets also commercial property insurance can help replace or repair damaged property the third type of insurance that you should know about is number three business Interruption Insurance okay this type of insurance is designed to protect businesses from Financial losses that can occur due to a natural disaster or some other unforeseen events now this type of insurance can help cover the loss of Revenue during that time any employee salaries and other expenses related during that business Interruption and so this insurance can be essential especially if you live in a high risk area where disaster is known to strike the fourth popular type of business insurance is number four professional liability insurance this can help cover the cost of legal defenses and settlements if your business is sued for negligent advice failing to perform services or causing Financial harm to a client right okay this type of insurance can be vital for companies that provide Professional Services such as Consulting accounting or financial planning for example let's say that you are found liable for a lawsuit in that case professional liability insurance can help hire an attorney in legal defense for you and may even pay for the damages if you lose the case number five I have product liability insurance listen I don't care how well you design and manufacture your products there is always a possibility that something could go wrong and someone could be injured and so if this happens of course you could face a lawsuit well with product liability insurance it is designed to cover the cost of Defending Your Business against any claims or damages related to your products it can also help protect you in the settlements or judgments that are awarded against you so this type of insurance is really important for companies that may factor or sale physical products all right let's move into the fourth part of this video and talk about how to get business insurance step by step okay step number one review your risks and decide what type of insurance you need so before you purchase any business insurance you'll definitely want to make sure you review all your risks and decide what type of coverage you actually need now one way to do this is to create a list of all your potential risks that you face within your business so maybe that is a fire or maybe that is theft or maybe that is equipment failure and so on make your list and then look for companies that offer comprehensive coverage at a competitive price it's very important while you're doing your research and looking through quotes that you read the fine print carefully to know exactly what is covered and what is not covered by that policy step number two shop around and get multiple quotes So now that you know what type of insurance you need it's time to go shopping around and put it in quotes So you'll want to get multiple quotes from reputable companies again make sure you check out next down in the description below and getting multiple quotes help you find the best possible rate and when you're comparing quotes just make sure you're comparing Apples to Apples that is make sure the coverage levels are the same also pay very close attention to the deductible okay a higher deductible will usually result into a lower premium however you don't want to make a decision purely based on the deductible because the coverage is what is important however this is important to note so that you are comparing Apples to Apples okay step number three is to purchase your policy and keep it up to date many people think their job is over once they purchase an insurance policy but it is very important to keep your policy up to date so you ensure you're protected all year long if you fail to do so then you could lose coverage and end up facing Financial losses so so here are a few tips to make sure your insurance policy is kept up to date first review your policy regularly you should at least review your policy once a year to ensure that it is still active and it meets your needs another thing to do is to make sure your policy is updated if you are experiencing any significant life changes for example if you get married or have a child you may have to adjust your coverage now this next tip is something that I am guilty of and that is keep your contact information up to date your insurance company may need to reach out to you in case of emergency and they need the correct information in order to do so and of course make sure you pay your premiums on time if you miss a payment then you can lose coverage and then end up having a higher premium when you go back to reinstate it okay so after going through these three steps then bang congratulations you have officially set up a policy to protect your business and if you combine this with an LLC then your personal assets are protected it as well and you have successfully reduced your Asset Risk exposures now if all this was helpful I want you to know that I have a new personal YouTube channel where you can get more business content specifically from me what I'm going to do is link a few videos over here and somewhere down in the description below so you can check it out right now I am trying really hard to get my subscribers up so if you head over there and subscribe please leave a comment so that I can personally thank you and I'll see you over there