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The ins and outs of insuring your small business
Finding the right kind of insurance at a price that fits your
pocketbook isn't easy. Drexel and Deanna Collins can testify to
that.
The Cinnaminson, New Jersey, couple co-own DDAT (Distinguished
Diversified Adventure Tours) Club Inc., which manufactures and
sells T-shirts, jackets, lithographs, baseball cards and other
paraphernalia from the Negro Baseball Leagues of the early 1900s.
They sell their merchandise primarily through trade shows-and that
was the crux of their insurance problem.
"At trade shows, we were always at risk because we
didn't have any [show] insurance. And at one show, some of our
things were stolen," recalls Drexel, CEO of the 4-year-old
company. When the couple went looking for insurance, they found
that some companies could provide liability but couldn't cover
inventory if they didn't have a storefront or wouldn't
protect them as they traveled. It took about two years, Drexel
says, to find a company that could fulfill all their insurance
needs.
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Finding the proper insurance may seem like a daunting task, but
it's essential to your business's continued success. And
given all the things that can go wrong, putting in a little effort
to protect what you've built doesn't seem like such a
chore, after all.