What is one reason why small businesses need insurance?

To help small businesses understand all the important factors in obtaining insurance, we asked small business owners and business professionals this question for their best insights. From having the flexibility to fit your business needs to allowing you to build trust, there are several reasons why insurance is important for small businesses that may help you better gain a better perspective and ensure the longevity of your business for years to come. 

Here are nine reasons why insurance is important for small business:

• Creates a Safeguard on Financial Risks
• Gets Contracts Completed
• Flexible to Fit Your Business Needs
• Retains and Attracts Employees
• Required by Law
• Provides Protect for Your Employees
• Helps in Case of Lawsuits
• Allows You to Build Trust
• Makes Your Business Credible

Creates a Safeguard on Financial Risks 

Insurance is an important risk management tool. It is one of the best ways to safeguard your business from financial risks such as loss of plant, property and equipment, inventory and other valuable assets. Most businesses also have to provide insurance for their employees. Offering a good health insurance package to your full-time staff can help to make your business more competitive in terms of attracting the best candidates over time.

Brandon K. Berglund, Berglund Insurance

Gets Contracts Completed 

The first time I took out a large insurance policy was to satisfy the terms of a prospective client contract. Not only did the insurance policy help us land the client, but it helped us land other clients that mirrored the persona of the first. Getting sales and closing deals probably shouldn’t be the primary motivation to take out an insurance policy at a small business. But, it can certainly provide some financing to secure coverages that benefit business in more ways than one. 

Brett Farmiloe, Markitors

Flexible to Fit Your Business Needs 

When your business relies on something like sustainable crops, damage to raw materials or disruptions to the supply chain can bring  business to a halt. So, it is critical to your financial plan to consider environmental risks like drought, freeze, and disease. And crop insurance can protect your business against revenue losses that occur during that crop year. In addition, having crop insurance can help your sustainable farm in its recovery from volatile market fluctuations.

Jared Pobre, Caldera + Lab

Retains and Attracts Employees 

Having insurance isn’t only about protecting your business in unfavorable situations, but also about attracting and retaining qualified employees. If your business does not offer these perks, it is likely candidates will look for a job elsewhere and you may lose an exceptional employee.

Maegan Griffin, Skin Pharm

Required by Law 

First and foremost, most states require business insurance by law. It’s not an option—it’s a legal necessity. Still, even if you’re not legally required to purchase insurance, why would you want to risk being sued by an injured customer, paying out of pocket for fire damage, or being liable for stolen client information? These things are all out of your control, and that’s precisely why they’re covered by business insurance.

Vincent Bradley, Proper Wild

Provides Protection for Your Employees

Having a business insurance policy protects not only your company but also your employees. Workers compensation insurance ensures that in the event of an on-the-job accident the employee will receive benefits such as medical care, missed wages, and funeral benefits.

John Levisay, The Pro’s Closet

Helps in Case of Lawsuits

While it’s not a well known fact, business insurance can help with lawsuits. Every company small or big can face a lawsuit at some point in time. Business insurance can actually help cover the costs. Lawsuits can come from customers, injured employees, and other avenues. Your insurance will help to cover the costs of legal fees and save you from financial ruin.

Ajay Mehta, Birthdate Co.

Allows You to Build Trust 

Having insurance enhances your credibility. The benefits of business insurance go further than protecting your business from risk. Having insurance shows your prospective clients and contractors that you are a safe bet. It builds trust that if anything happens to the work you’re completing; you have a way to compensate. 

Nina Jensen, 8×8

Makes Your Business Credible 

As a small business owner, your company requires insurance mainly as a show of credibility. Also, it makes your company appear credible and trustworthy in the eyes of the government. Business liability insurance is one of the foremost policies expected of small businesses when bidding on government contracts. This insurance policy provides coverage for business owners that may likely face formal lawsuits and any direct financial liability. 

Adam Garcia, The Stock Dork

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What is one tip to developing long-lasting relationships in the business world?

To help business owners develop lasting relationships, we asked CEOs and business professionals this question for their best tips. From finding mentors for yourself to being authentic and genuine in interactions, there are several ways that may help you develop and maintain long lasting relationships for years to come. 

Here are 11 tips to develop long lasting relationships:

• Consistently Keep Up With People
• Actively Listen for Other Person’s Needs
• Give to Others as You Can
• Forefronting Professionalism 
• Build the Trust for Lasting Relationships
• Offer Something Before Asking for Anything
• Find Mentors for Yourself
• Be Authentic and Genuine in Interactions
• Continue with Innovation and Creativity
• Set Transparency as an Expectation
• Maintain Mutual Respect for Each Other

Consistently Keep Up With People

A long-lasting relationship requires time and effort. Keep up with people and make sure you are consistently reaching out to the people in your network to check-in. If you don’t talk to someone for months on end, you’ll fall off their radar, or they may not immediately jump at the chance to help you when you finally reach out to them. Keep some kind of schedule of when you check-in with people and stick to it. Don’t let too much time go by without asking people how they are and reminding them that you want to continue the business relationship. 

Jon Schneider, Recruiterie

Actively Listen for Other Person’s Needs 

Relationships are important in business no matter what industry you are in. One of the most valuable relationships is your relationship with your clients. The best way to develop a long-lasting client relationship is through customer service. The best way to harness this relationship is by listening to your client’s needs. By listening you can more effectively address their issues and concerns while also providing the best possible service.

Brandon K. Berglund, Berglund Insurance

Give to Others as You Can

Give, don’t take. It’s simple, but true. If you focus your energy on adding value to the people you serve, you build trust — and those people often return the favor. It sounds obvious, but I see the vast majority of people try to build relationships with a take-first mentality. They ask for help before they’ve developed any credibility or taken the time to truly understand the people they’re building the relationship with. Start with smart questions. Exhibit genuine curiosity. And help before you ask for help. 

Josh Zywien, Paradox

Forefronting Professionalism

A cornerstone of building lasting relationships is the professionalism you consistently display to your peers. We take this to heart at Lightkey and deliver AI-powered text prediction and real-time grammar correction software so business leaders can quickly craft professional communication and worry less about typos. Lightkey’s multi-word prediction technology also enables business professionals a greater ability to build their companies by improving productivity on repetitive tasks such as email.

Guy Katabi, Lightkey

Build the Trust for Lasting Relationships

We have worked with large and very large multinational corporations. As a company, we dedicate ourselves to providing solutions to our clients’ pain points with our Low-Code automation platform. Lasting relationships with our clients start with developing trust. We do this by delivering on the promise of automating core business processes that impact their customer experience and bottom line. We believe that every business can make a difference through disrupting automation technologies that support sustainable development and build trust.  

Spiros Skolarikis, Comidor

Offer Something Before Asking for Anything 

To establish a business relationship that endures the test of time, you have to be willing to put in the work. Serving and helping someone with their business before you ever ask for something for yourself is imperative to creating authentic and lasting business relationships. So many times people connect on LinkedIn, ask for something that serves them, and then never reach out again! This kind of behavior will never help you build a network that trusts and cares about you. When we use our expertise and experience to build the foundation for business relationships, they will flourish and grow stronger and stronger for years to come. 

Bailey Mills, Markitors

Find Mentors for Yourself

Networking in today’s world often means being connected on a site like LinkedIn and pressing “like” on a new job update. But in order to develop a long-lasting relationship, it’s important to take it a step further and connect with others in person as well! It’s always a great idea to find a mentor or someone with a higher position at a comparable company to yours so you can seek guidance on career growth or advancements in your field of choice! It’s important to not solely reach out when you need something, advice, a reference, etc. but also check in throughout the year to continue building a true lasting relationship.

Jonathan Finegold, Medcline

Be Authentic and Genuine in Interactions

Any relationship, business or not, depends on honesty, authenticity, and good vibes. To build long lasting, meaningful, solid relationships in the business world it’s important to deliver those qualities to anyone we come in contact with, whether it’s customers, business partners, or even competitors. Being heard makes people feel good so listen and do it well. Getting needs met is important as that is the foundation of good business. So know your audience and its needs and build your practice on that. And, most importantly, be real. Be you. Be authentic. Don’t fake it. Be real, so you can have it now.

Natalya Bucuy, LiveHelpNow

Continue with Innovation and Creativity 

In order to keep your business relationships going long-term you need to ensure that both you and your business are dynamic. Be an engaging person and maintain an engaging business. Create innovation within your business. Even if things are going well, you can still try new marketing methods or you could even add additional products to your selection. People admire creativity and innovation, and these qualities will make your business connections want to stay in touch with you because they’ll be able to sense your energy and intelligence.

Chris Caouette, Gorilla Bow

Set Transparency as an Expectation 

Transparency gains trust. Don’t be vague. Honest, sincere conversations save time. Be clear about the compelling need to grow their support from the very start, but make sure it is focused on how they can achieve their goals through your business. Approach your business constituents on their terms, in their language, and put their motivations at the core of the message. The level of their support will be a reflection of your ability to listen to their wants, needs, and suggestions.

Michele Rebeor, Michele M Rebeor Consulting, LLC

Maintain Mutual Respect for Each Other

It certainly takes a dedicated amount of time and energy to build solid and long-lasting relationships in the business world. One tip to developing business relationships is having mutual respect. Demonstrating mutual respect is key to letting others know that you not only care about yourself, but that you care about them as well. Beyond that, maintaining mutual respect allows you and the other party to value each other’s significant contributions.

Maegan Griffin, Skin Pharm

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How have uncertainties helped bring more opportunities for your business?

To help business owners view a crisis as an opportunity for new possibilities, we asked CEOs and business professionals this question for their insights. From increasing productivity to uncovering hidden skills, there are several ways uncertainty can welcome new possibilities for your business and its continued growth for years to come. 

Here are ten ways uncertainty creates new business possibilities: 

• Increase Productivity 
• Widen Your Perspective
• Allow for More Creative Avenues
• Access New Talent
• Turn to Digital Tools and Trends
• Expand Into eCommerce
• Uncover Hidden Skills
• Pivot Into a New Market
• Reassess Company Values
• Create Customized Solutions

Increase Productivity 

Uncertainty has brought new opportunities to our company because it made everyone step up to the plate! During the height of the pandemic, all of our employees gave 110% every day and helped us reach new levels of productivity and efficiency, which was so appreciated. It goes to show that people will always be the greatest asset of every company! 

Eli Patashnik, iFax

Widen Your Perspective 

We have all gone through times of uncertainty, but I have come to appreciate difficult life experiences. Struggles in times of crisis have given me perspective on the big picture. They provided me with the perspective I needed to move forward and create my eyelash extension supply company’s mission statement, which has carried us to success. Perspective helped me realize the strong community of women I had in my corner, who I call my eyelash sisterhood. In the past year, we have grown our community through our eyelash extension training courses. Taking a class with us adds you to our Brand Ambassador program automatically because we believe in our students’ success.

Vanessa Molica, The Lash Professional

Allow for More Creative Avenues

Sometimes having too much of a plan can create tunnel vision. You’ll end up shutting down opportunities that could’ve really helped you or taken you in an even bigger direction than you originally had planned because it simply wasn’t the plan. Being a little uncertain allows you to explore all options thoroughly and also forces you to get creative in your solutions. Conventional means of doing things are good because they’re proven results-wise. But with a little bit of uncertainty, you can definitely find yourself finding new and creative avenues to achieve your goals. You never know what’s behind a door until you open it. 

Randall Smalley, Cruise America

Access New Talent

Crisis helps make top talent more readily available. During the pandemic, we all saw many companies experience layoffs, furloughs, and rescind internship offers from students. These employment shake-ups created tremendous hiring opportunities for companies (ours included). We were able to bring on several talented people we otherwise wouldn’t have been able to attract to our company. As a result, we’ve been able to build and launch software to better support our business. 

Brett Farmiloe, Markitors

Turn to Digital Tools and Trends 

Over the past year, dealing with business has been difficult as the coronavirus has put many lives on pause. In order for us to combat this, our team had to think outside of the box and figure out how to reach more customers during the pandemic era. Learning more digital tools & communication online with the team has helped a lot and has taught us more than we could have if we were in the office.

Nina Jensen, 8×8

Expand Into eCommerce 

Our company operates as a brick-and-mortar dispensary and delivery service. In California, we were lucky enough to be deemed an essential business, and we remained open throughout the pandemic. As a cannabis delivery service in addition to a dispensary, I’ve seen sales both in-store and online skyrocket during the pandemic. Because many of our usual customers are California locals and regular cannabis shoppers, we benefited from our local customer base. We additionally saw an increase of first-time shoppers, likely looking for a way to spice up their lockdown. We’ve implemented new health and safety procedures for both our drivers and customers to ensure contactless sales.

Chris Vaughn, Emjay

Uncover Hidden Skills 

During uncertain times you can learn new things about yourself and discover strengths you may not have been aware of. For example, in the early phase of our company, we had to figure out marketing strategies and learn how to run social media campaigns from the ground up with no previous marketing experience. As a new business and with all our funds on the line, we had our share of doubts. Nevertheless, through patience, perseverance, and tons of trial and error, we soon discovered how crafty we could be with our ads and how much growth we made on our own. We are 100% fully bootstrapped, and with that comes a huge amount of uncertainty and risk. However, it has propelled us to be more resourceful and discover hidden abilities that we may have never known existed had we not gone through the slow period early on.

Katie Lyon, Allegiance Flag Supply

Pivot Into a New Market 

Our company was initially hit during the initial phases of lockdown, and we needed to adjust by embracing work-from-home and offering several products that became needs of the hour, such as hand sanitizer, diet consultations, and tips for at-home skincare. Our reaction to these uncertainties led to some great remote hires and a new hybrid work model for our company. Throughout the pandemic, people learned to put more trust in online solutions. By persevering and adapting to customer needs, we were able to return to the growth track.

Guna Kakulapati, CureSkin

Reassess Company Values

If the COVID-19 pandemic has taught me anything, it’s that you never know what the next day, month, or year will bring and how to embrace that uncertainty. My personal experience was that the high level of volatility that existed around business activities in 2020 spurred me to try a bunch of things that I would have considered too risky or costly otherwise. To my surprise, those tests allowed me to redefine my business in a way that better supports my customers and aligns with my personal values. For example, I started doing a lot of free introductory advising calls in 2020 that gave me an incredible understanding of the key pain points entrepreneurs encounter when they are starting out and how I could best serve that audience. Additionally, I got a better sense of my core value as a marketing leader and how I could both build my consulting practice and give back to the community at the same time.

Amy Zwagerman, The Launch Box

Create Customized Solutions

Our business products and services are all about uncertainty. The very nature of insurance is to give our clients peace of mind in case of uncertain events such as bodily injuries and property damage. As an independent insurance brokerage we are able to create customized insurance solutions to protect our clients against uncertainties every day. Keep in mind open enrollment for these products, like health insurance, is only open for a short window, like 6 weeks or so.

Brandon K. Berglund, Berglund Insurance

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What is one advantage of a family business?

To help potential entrepreneurs on deciding if they want to run a family business, we asked CEOs and business owners of family-run businesses this question for their best insights. From demonstrating commitment and carrying on a legacy, there are several benefits to having a family business that may help you with your decision and the growth of your business. 

Here are nine advantages of a family business:

• Nurture Family Pride
• Build Generational Wealth
• Carry on a Legacy
• Demonstrate Deep Commitment
• Leverage Family Bonds
• Learn to Keep Work and Life Separate
• Benefit From Hands-On Experience
• Sustain Long-Term Leadership
• Enjoy Help and Connection

Nurture Family Pride 

The main advantage of working in a family business is the passion each person brings to the company. For us, this is so much more than a job. This is an amazing company that our father built and that we feel a strong sense of pride and duty for. I believe our clients feel that as well which is what makes our jobs that much more special.

Carey Wilbur, Charter Capital

Build Generational Wealth 

A family business can be a great way to build generational wealth. To protect your family business and your family’s financial security, business owners are often some of the best candidates for insurance. Whether that is disability insurance or life insurance, among others, these are especially important to better manage the risk of lost income during difficult times.

Chris Abrams, Abrams Insurance Solutions

Carry on a Legacy

For me working in the family business is very personal. My father Dr. Irwin Smigel and my mom created the business. My father’s impact on dentistry can’t be overstated. He literally created the field of cosmetic dentistry. So for me, being able to keep my father’s legacy alive is important not only to me but to the field of dentistry. 

Bellanca Smigel Rutter, Supersmile

Demonstrate Commitment

Family-owned businesses have proven to be crucial for each member’s growth. Unlike other businesses, members of a family-owned enterprise tend to have a stronger commitment. For instance, there is every chance of you putting in more effort and extra hours toward the success of your family business. Also, the family business manager is more likely to understand your need for more flexibility in your working hours.

Adam Garcia, The Stock Dork

Leverage Family Bonds

Working in a family business has so many advantages. One advantage is that it’s a natural team. You already know each other’s strengths and weaknesses, so it is easy to be able to divide responsibilities. This way each person shines doing what they do best. It is also easy to be a team player because of the bond you share as family members. There is nothing more rewarding than working together with family to accomplish a shared goal. I treasure being in business with my father.

Ben Cook, Jr., Printed Kicks

Learn to Keep Work and Life Separate 

There are many advantages of having a family business if you adhere to a few rules. If you keep work and personal matters separate, there is much joy that can be derived from the successes at work. Sharing these moments with the one you love can strengthen your personal relationship and create a stronger trust in each other at work as well. Working with my husband has been a great experience as we keep our personal and business matters apart from each other and don’t discuss work without our other business partner with us if we can. There is an inherent trust that comes with working with a family member. You share the same values and understand the motives behind decisions, all of which make the future trajectory easier to predict and navigate.

Katie Lyon, Allegiance Flag Supply

Benefit From Hands-On Experience 

One advantage of a family business is that it provides members within the family chances to get hands-on business experiences. If you are from a family running its own business, you are likely to be exposed to the business environment very early or even earlier than others from normal families. You will have a chance to read business books and listen to daily conversations about business. You can also learn from experienced entrepreneurs who are your family members. 

Moreover, you can get access to actual business documents such as contracts, financial statements or annual reports. Reading them and evaluating the data could widen your business knowledge a lot. A straightforward career path will be there for you as well because the company run by your family welcomes you abroad at any time. Even if you are just a university student, you can still go to the company to observe how it is run and how people work. It is such a privilege that everyone would like to have.

Jill Sandy, Constant Delights

Sustain Long-Term Leadership 

One advantage of a family business is that there is greater stability in terms of leadership. The leadership of the business is usually determined by the position one holds in the family. The respect for a position within the family means fewer leadership wrangles within the business, and longevity in leadership. This then provides stable leadership for many years until life changes such as illness, or death force a change in leadership.

Joe Flanagan, VelvetJobs

Enjoy Help and Connection

I run a family business. Having your family members work with you is the frosting on an already delicious cake. I enjoyed running my online business before, but having my husband help brings more joy. Having the business to discuss also gives us more in common than we had before. Finally, I don’t feel guilty spending time on the business. Since he’s involved as well, that means more time together instead of guilt over time apart. You get more family time and more help, I recommend using family members in your business.

Janice Wald, Mostly Blogging Academy

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What is one tip for maintaining a successful business partnership with your spouse?

To help business leaders create an effective business partnership with their spouses, we asked couples in business and business professionals for their best tips. From keeping family matters at home to designating business roles, there are several strategies that may help you and your spouse create a prosperous business relationship. 

Here are 11 strategies to create a successful business partnership with your spouse: 

• Define Work and Family Time
• Secure Your Family’s Future
• Plan Ahead With Tech Tools
• Divide Duties by Strengths
• Communicate With Each Other
• Keep Family Matters at Home
• Designate Business Roles
• Share Your Company Vision
• Invest in Financial Security
• Give Credit Where It’s Due
• Respect Comes First

Define Work and Family Time 

My wife and I run our own criminal defense and personal injury law firm in Seattle, and I could not ask for a better, more passionate business partner. With that said, it is very easy to blur the lines between work and home life — especially in a pandemic while we are working from home! I think the key to a successful relationship on all fronts is creating protected time. Having certain hours to tackle business and certain hours for our family is the key to making it work!

Court Will, Will & Will

Secure Your Family’s Future

While it is difficult to think about one’s own mortality, it is important to think about your family and what might happen in the event of death. If you work with your spouse, getting life insurance for both of you is an important risk management tool that provides some financial security for your loved ones or beneficiary in the event of death. Depending on your needs, life insurance can not only cover death expenses but can also replace your lost income so that your family can maintain their quality of life even in your absence.

Brian Greenberg, True Blue Life Insurance

Plan Ahead With Tech Tools

I run and manage two businesses with my partner, and we’ve found that a great way to feel like we’re both pulling our own weight and working towards our strengths is to spend an hour or two at the end of each month planning out tasks that we’ll do for the following month. We organize these tasks in ClickUp, but you could use Asana or similar variations. This has really helped us to feel like we’re both putting in the same effort and helps to avoid any strain in our work relationship.

Kristine Thorndyke, Test Prep Nerds

Divide Duties by Strengths 

To have a successful business partnership with your spouse takes patience, respect, and desire to make it work. One way to foster this environment is to know each other’s zone of genius, or natural strengths. If one spouse is better at running a specific function of the business, let them own it. This creates accountability and division of labor in the best way possible. When each partner carries the weight based on skill and passion, a successful partnership is more easily formed. 

Jenn Christie, Markitors

Communicate With Each Other

As the co-founder of Allegiance Flag Supply, I have two business partners — my husband Wes and our good friend Max Berry. From the very beginning, we made finding our balance a priority. If we can help it, my husband and I don’t discuss the business without Max. When Wes and I are together, we are a married couple, but we also know how and when to switch gears. This took some practice, but I believe we have since become masters at it. We make sure that the three of us always stay in the loop through communication, whether in person, zoom calls, text messages, or email. However, we don’t believe in “over-communication.” That’s something I would advise. Trusting in your counterpart is essential. “Up-to-date knowledge” helps each of us work as a unit while contributing our unique personal strengths.

Katie Lyon, Allegiance Flag Supply

Keep Family Matters at Home

When working with your spouse, the most important thing you can do is run your business like a corporate entity, not a family business. And don’t bring your bedroom into the boardroom. Never bring your personal issues into work — and always manage two very separate lines of the business, so you avoid stepping on each other’s toes. Your employees should never see you argue about anything that does not affect the business or is rooting in something personal.

Danielle Lindner, Children’s Author and Parenting Coach

Designate Business Roles

Formally establishing the areas of accountability allows my wife and me to work in a more structured way. Knowing other couples that work together, we find it crucial. This is because it is a popular approach among family members to keep things informal and perform tasks based on personal initiative rather than predefined rules. And that’s not a practice suitable for business operations.

Michael Sena, Senacea

Share Your Company Vision

Being in business with your spouse can lead not only to divorce but a business divorce, too. The desire to grow your company can take over your life at home as well as work with pillow talk, dinner table discussions, and even when you are relaxing. The key is to start with a shared vision for the company and your life together. Then when one of you feels overwhelmed with the intensity of work, you can take some strategic time to review and reflect on that vision. Once you’ve had some time to reflect, you’ll have insights about how to help you and your spouse refocus on this shared vision. The key to getting your spouse to recommit and re-focus on the shared vision is to ask questions. So sit quietly and reflect on three to six questions you might ask at the right time.

Katharine Halpin, The Halpin Companies Inc.

Invest in Financial Security

After putting in countless hours at your business with your significant other and providing your family a certain lifestyle, make a plan to provide your loved ones financial security in the event that either of you can no longer work due to health complications. This is why it is important to consider your life insurance options. For example, most people choose between whole vs. term life insurance policies. Depending on your situation, a term life insurance policy is typically less expensive and easier to maintain over time. However, if your situation changes, then you might find that the whole life insurance policy is more valuable to you and your family. 

Chris Abrams, Marcan Insurance

Give Credit Where It’s Due 

When I first started my law firm, it was a one-man show run with the help of my lovely wife. Between running to the courthouse and trying to meet with clients, my wife was the person who truly drove business in. I always tell everyone she’s the brains behind all of this success. If you want to maintain a successful partnership with your wife, make sure you give credit when it’s due. When you’re successful, most of the time, you tend to forget where you started and the people who helped you succeed. Don’t forget to give your spouse the praise they deserve, because after all, they’re more than just a business partner. They’re your life partner. 

Seth Price, Price Benowitz LLP

Respect Comes First 

My husband and I started our AC repair and installation company together a couple of years ago. We both came from different educational backgrounds. He understood the mechanics of fixing wires in AC units and systems while I understood the marketing and business-running side of things. If I’m honest, we had so many arguments in those first few months because we were on different pages of what we envisioned the company to be. It took a while for us to come to the understanding that our differences were what made our company succeed. We learned that the best way to maintain our relationship as spouses and as business partners was to agree to disagree on things, to respect each other’s strengths, and to leave work at work.

Natalie Sullivan, Cooler Air Today

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