Cincinnati Small Business Insurance Is More Complicated Than the Price We Pay for It™

When you own a business you need to take steps to protect your financial interest in your company with business insurance in Cincinnati.

The reason why it’s important not to neglect protecting your company is really no different than reasons why you purchase car or homeowners insurance.

Three Crucial Mistakes Business Owners Make on Business Insurance in Cincinnati

In a worst-case scenario these mistakes could lead to the permanent closure and complete liquidation of that business. Additionally if the owner has not taken the legal step to set up a Corporation, and is operating under a sole proprietorship, all of his or her personal assets are subject to seizure when a business fails!

Imagine for just a moment that you have either built a successful business from the ground floor, purchased a local business making a sizable financial investment, or you inherited a family business that disappears right before your eyes because of an insurance mistake!

You might not believe that it could ever happen to you, but that’s the first mistake business owners make.

It Will Never Happen to Me!

In my early years in the insurance business I was working with a local company that sold products to the construction industry and they would deliver their products to job sites using large trucks.

When I initially contacted the owner of this building supply company he was only interested in obtaining health insurance quotes for his two sons and their families. I was able to help them with their health insurance and I asked if I could review the commercial insurance for his business.

The owner of the building supply company was about 70 years old at the time because he was on Medicare and he told me, “Son, I don’t believe in insurance. The only reason why I bought the health insurance is to take care of my two sons and their families.”

I was new in the business so I didn’t press the issue. 

About three years later one of the sons called to cancel their health insurance for the business. Naturally I asked why they were canceling and he told me that they had lost their business because of an auto accident.

Apparently one of the employees was not paying attention while driving a delivery truck to a jobsite and this employee caused a fatal accident involving a young mother. 

The business was sued because of the actions of their employee and found liable for more than $1 million in damages.  Because they did not have insurance, the business was liquidated to pay for the judgment and 6 people, including family members of the owner of that business, lost their jobs because the business owner did not believe in insurance.

His lack of belief in insurance may have been translated into, “I don’t think anything would ever happen so I don’t need business insurance.” 

Of course the family of the poor young mother lost the most, however the business owner lost a company that he had built from scratch starting in the 1950s because of the negligence of one of his employees, and his family lost the ability to inherit a successful business.

The owner of this once successful building supply company lost his business because he did not believe anything would ever happen!

Business Owners Should Double Check Their Coverage Needs

You need to take time to review your potential liability exposures for your business activities even if it’s a brand-new business venture. 

Where would Microsoft, one of the most prominent technology companies in existence be today if Bill Gates had a judgment rendered against him for $1 million because he did not own business insurance, within the first 90 days of Microsoft’s existence?

Would that $1 million judgment have shut down a future multi-billion dollar company because he did not have the foresight to purchase business insurance?

That’s how important business insurance is even to brand-new business ventures.  If chaos strikes you may have to close your doors even before you really get started!

Business Insurance in Cincinnati is Available From Top Rated Companies

We can help you find the best business insurance in Cincinnati for your business . Call 513-662-7000.