Chattanooga Business Insurance Basics for Entrepreneurs

Chattanooga Business Insurance Basics for Entrepreneurs Chattanooga Business Insurance Basics for Entrepreneurs

It’s a new year and for many Americans 2015 represents a fresh opportunity to embark on new adventures and pursuits in both their personal and professional lives. For some that means making life changes, career changes and even starting their own business. But starting a new business is no easy task; it takes time, resources, research and planning in order to be successful. There are many reasons why small business success rates are low, one of the most prominent is a lack of preparation and risk management. More specifically, many small businesses forget to properly prepare for the unexpected.

Unexpected losses can creep up from any number of circumstances and have significant impacts on a small business and in some cases even lead to closure. Many small business owners forget to protect themselves against unexpected events such as a death of a business partner, employee injuries, lawsuits, and natural disaster. A single natural disaster alone can cripple a budding Chattanooga business as entrepreneurs struggle to face losses from property damage to business interruption. While small LLC and Corporations can help protect a business owner’s personal assets from business related liabilities, according to the U.S. Small Business Administration neither business structure is “a substitute for business liability insurance.”

Business insurance protects an operation itself from losses. In Tennessee, businesses that employ five or more persons are required to carry Workers Compensation and Unemployment Insurance to protect their employees. Yet other types of business insurance, such as basic property and liability coverage, are entirely voluntary and as such some small business owners neglect to invest is these important coverages believing that their homeowner’s insurance coverage will protect them and their business operation. Unfortunately this is untrue. Even home-based businesses need coverage against losses incurred through business property, crime and theft, professional liability, business interruption, data breaches and disability.

At Barnes Insurance Agency, we are committed to helping local businesses owner protect themselves and their operations against the myriad of risk exposures they face. We specialize in providing complete Tennessee business insurance to a number of niche and specialty industries. If you are looking to start or expand your business this year we can help ensure that you’re properly protected. To learn more about our operation and all our business solutions, give our Chattanooga business insurance specialists a call today at (866) 733-5424.

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