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