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3 Ways Insurance Goes Beyond Protecting Your Small Business There are many benefits to having an agent help you identify the risks your business may face and the ways to mitigate those exposures.
When you think about small business insurance, the first thing that likely comes to mind is, well …insurance. Businesses of all types need protections like property, liability, health insurance, life insurance, and auto, just to name a few.
But small business insurance does so much more than offer basic protection. From loss mitigation programs, to providing liability protection and more, business insurance providers can help your business accomplish a lot.
"Small business insurance plays a crucial role in providing and protecting sustainable growth within our economy," says Shakeel Farooque, Operations Vice President and General Manager of Business Markets and Recreational Markets at State Farm. "It does this through helping to mitigate losses and providing protection to the small business, which in turn provides consumer protection as the business participates in everyday trade and commerce."
Here, Farooque explains three ways that insurance goes beyond basic protections to give business owners the tools and the right mindset to do their best work.
1. A sense of protection.
Insurance helps protect against unexpected losses that can have significant, negative implications to a small business. State Farm's small business insurance portfolio focuses on managing as well as mitigating risk. This helps small business owners focus on operating and growing their company.
"Appropriate coverage for a small business helps the owner have a sense of preparedness for when an "unexpected' event occurs that could have devastating impacts if they're not prepared for it in advance," Farooque says.
2. Gain helpful guidance through all stages of your business.
Business owners can also lean on their highly trained State Farm agent for strategy and advice, adding to that sense of confidence. "State Farm agents are uniquely positioned to help small business owners, as our agents are small business owners, too," Farooque says. "They can understand their risks and needs."
While purchasing insurance when you first start a business makes sense, many business owners may not revisit their needs until an event occurs, which could leave them unprotected. With a suite of risk mitigation products and services, insurance companies like State Farm are focused on the end-to-end needs of the business consumer.
"In addition to meeting the core insurance needs of small business consumers with products like Auto, Home & Property, Small Business, Life, Health, Disability, and Liability insurance, State Farm agents can help small business consumers with their personal insurance and financial service needs," Farooque says.
State Farm also has alliances with third-party companies to provide additional consumer services. An example is their alliance with U.S. Bank. Beginning later this year, State Farm agents will also be able to help small business owners with a full suite of U.S. Bank business banking products such as business loans, business checking and savings accounts, payment processing, and business credit cards. State Farm wants to help create a simple, one-stop shop for small business owners.
3. Creating business credibility.
Savvy consumers seek out small business owners who have the appropriate insurance coverage in place. Being insured gives businesses the credibility they need and provides consumers with additional confidence in what they're purchasing.
Beyond protecting itself, a business that is properly insured sends a message that it cares about its interactions and experiences with its consumers and the community. "Insurance coverage elevates the perceived level of business professionalism, thoughtfulness, and the confidence a business can offer its consumers," Farooque says.
Learn more about how State Farm can help protect and grow your business.