Business experts say that
independent businesses generally go through three distinct growth stages, and
the amount and type of insurance a business needs depends on which stage it’s
in. In the early stages of growth, for example, a company should focus on only
the basics; then, additional insurance should be added gradually as the
business expands.
Not sure which stage your
dealership is in? An accountant or financial advisor should be able to help. Of
course, meeting with an insurance broker is the best way to evaluate your
particular needs.
In the meantime, consider
these expert insurance recommendations for each stage of growth:
1. Startup stage: auto (if
you or your employees drive service trucks as part of your day-to-day
business); business property; workers’ comp; health; and life.
2. Growth stage: liability;
errors and omissions; business interruption; and disability.
3. Mature stage: key-man
insurance (life insurance for your top people); directors and officers;
employee practices liability.
- Source: Tire Review Business Toolbox