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Small Business Insurance: Protecting Against Risk

Running your own small business is risky at best. At any moment, the economy could tank, as it did in recent years. In addition, competition can come out of nowhere with new products or services or new ways of serving your markets. There are also natural disasters that can and do occur that will require you to actually shut down your business for days and even weeks.

While you can't make risk go away, there are smart things that you can do to minimize the impact on your business. Buying insurance is only one of them. For a more comprehensive risk management strategy, we recommend four things:

Be Strategic

With regard to being strategic, we recommend looking ahead and remaining aware of what is happening in your local market area, your state, nationally and even internationally. Are there things shaping up that can negatively impact your business and, if so, what can you do to compensate?

Over the past three years large firms have pulled back, minimized new investments, and waited out the economic slump. Interestingly enough though, playing it safe is not necessarily the right choice.

In the late 1920s, two companies, Kellogg and Post, dominated the relatively new market for packaged cereal (Surowiecki, 2009). When the depression hit, Post did the predictable. It cut back on expenses and, more specifically, on advertising. Kellogg, on the other hand, doubled its advertising and heavily pushed its new cereal, Rice Krispies. By 1933, even as the economy tanked, Kellogg profits had risen almost 30% and it had become what it remains today, a dominant player in the industry.

We are certainly not advocating that small businesses start splurging on advertising, but we are suggesting that this is a good time to really look hard at your markets and determine what you may be able to do that is innovative, special and puts you ahead of the competition.

Did you know?

insureon "...that insureon is the leading online provider of high quality, affordable small business insurance coverage? As a Web-based e-agent, insureon specializes in offering small, home-based and micro-businesses fast, easy, one-stop shopping for property and liability insurance needs. Insurance coverage applications are submitted using a convenient online application and quotes are provided typically on the next business day at no charge and no-obligation. insureon customers receive ongoing, personalized customer service from knowledgeable, experienced and licensed insurance advisors."

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Note: This information has been compiled by the Knowledge Institute for Small Business Development (KISBD) for educational purposes only in order to convey a general overview of the options and related services available to small businesses in the subject areas introduced. Content is provided on an "as is" basis and is not intended to be an exhaustive representation, nor does it provide advice or create a customer relationship between KISBD and its sponsors,, its affiliates and any other organization named herein, and any reader.

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