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Female entrepreneurs



 Women and Business Insurance Courtesy of http://www.iii.org/press-release/what-do-women-business-owners-want-credible-accurate-insurance-advice-022616[19659002] Women have made great strides in the business world in recent decades. And business insurance is crucial to protecting their hard-earned capital, according to the Insurance Information Institute (I.I.I.).

40 years ago, women owned only 5 percent of all small businesses in the United States. Today, they own a third, generate nearly $ 1.5 trillion in revenue and employ over 7.9 million people. Between 1997 and 2015, the number of women-owned businesses increased by 74 percent, according to the 201

5 State of Women-Owned Businesses Report . And the majority of new women-owned companies launched in 2014 were owned by minority women.

"Whether you are starting a new business, growing your business or competing in the global market, it is important that female business owners get the right type and coverage," Loretta Worters a Vice President of III "Without adequate insurance, a natural disaster, employee litigation or even the death of a business partner can destroy what they have built," she warned.

In recognition of Women & # 39 ;s History Month, III recommends the following six strategies to ensure your business is financially protected:

1. Assess your risks. What business property, including fixtures and fittings, do you own? Do you have employees? Company Character? This basic snapshot helps an insurance expert make recommendations on what type of coverage your business needs.

2. Finding the right cover circuit expert. When buying insurance, most business owners use an insurance broker – you want to find one who is familiar with the risks of your specific business. A qualified broker can help gather all the necessary information and paperwork to apply for a policy and compare multiple options and quotes. Here are some tips to help you find the right fit: Find the right insurance expert for your business .

3. Compare Prices. As a general rule, you want to get quotes on business insurance from at least three different companies. Try to find insurance that offers similar coverage so that you can clearly compare prices.

4. Evaluate insurance companies, insurance policies and services. When buying business insurance, the price is just a consideration. Make sure that a potential insurer is reputable and in good financial condition. Also review and compare policies in depth. Does one policy have exceptions that another does not have? In the event of a dispute, does the insurer provide a lawyer or replace you with a lawyer of your choice?

5. Lower your premiums. Choosing a higher deductible can lower your premiums significantly and insurance companies will often lower your prices to introduce programs to minimize losses from fire, theft and damage to employees and customers. This is especially important for start-ups that have low start-up capital.

6. Review your risks and insurance annually. Talk to your insurance specialist before renewing your insurance coverage every year to determine what adjustments to make to your business insurance policies. If your business is expanding, you have bought or replaced equipment or started working with suppliers internationally, you may have new debts that require higher insurance coverage.

Do not overlook these coverages

Life insurance is crucial. to all companies – both personally and for the company. Should you die prematurely, a personal life insurance policy can replace your income from the business and protect your family. In the event of the death of an owner, partner or key employee, life insurance will take care of your business.

Another important cover is disability insurance . More than twice as many people will be disabled during their careers who will die before retiring. "Income protection for small business owners is crucial to the long-term security of the owner and the company if they are unable to work due to an injury or illness," said Worters.


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