Purchasing insurance is a necessary evil that you cannot be without. On the one hand, there are more pressing issues that will demand every penny of available capital that you can lay your hands on, and on the other, you don’t want to get wiped out in the event a disaster happens. Only you can decide what risks you are willing to take and which you want to guard against.

Property Insurance – Should a customer injure themselves while on your property. A slip and fall accident on your property can expose your business to millions of dollars in potential liability that you need to guard against. Also, you need to be compensated should a natural disaster cause property damage.

Health Insurance – If you become injured or seriously ill, a good health insurance policy will pay your medical expenses. Offering employees an excellent health insurance package can be the best reason people are attracted to working for you.

Automobile Insurance – Your business may own 10 or more cars and you can negotiate for a fleet rate. Having adequate auto insurance is required by law.

Disability Income Insurance – When you can no longer work, a disability income policy will pay you a monthly income.

Partnership Insurance – If your business partner dies, do you want his widow as your business partner? Usually, that is what happens if you do not have a partnership insurance policy that buys out the widow of the deceased.

Mortgage Insurance – Usually designed to expire in the same year that you pay off your mortgage. If you die before your mortgage is paid, the tax-free proceeds of your policy will pay off the mortgage.

As you can see it would be very easy to become insurance poor and asking a commissioned insurance agent how much insurance you need is like asking a barber if you need a haircut! The best place to ask for insurance advice is to speak with other franchisees and get their opinions on insurance and maybe a referral if they are happy with their coverages.