Are you confident you have all the insurance protection you’ll need to protect the amazing company you’re building? Less than 37% of small business owners believe they do.*
That’s why it’s helpful to get the facts—and great solutions—from your own personal insurance advisor. An ideal expert won’t work for any one particular insurance company but will have the resources to find the best options for your business.
Pro tip: look for agents who view themselves as “advocates” for the success of your business. That means they strive to give you objective coverage recommendations tailored to the unique risks you have.
What an insurance advocate can do for you:
1. Help you understand your current policy
A surprising number of new business owners only carry insurance because their landlord or other partner required it in a contract. Usually that means a minimum level of general liability (or workers’ comp if they have employees).
First of all, general liability insurance is a good thing! If you own a clothing store and a customer has a serious injury after slipping on a fallen hoodie, you won’t have to dip into your personal savings to handle the lawsuit.
(That’s assuming you’re carrying enough general liability; and many business owners aren’t.) But it won’t help at all if a fire in your store—or even your sprinkler system—ruins your inventory.
An insurance advocate can help you cut through the confusion and untangle the terminology—and clearly understand what’s in your policy now.
2. Tailor coverage to your unique business
It’s no fun to think about, but nearly 40% of businesses fail after an unexpected disaster strikes.** An insurance advocate can help you know if you’re making the common mistake (what sportscasters like to call an “unforced error”) of not carrying:
- Hazard insurance
Also called commercial property, this helps you repair or replace your physical space and valuable assets like furniture, equipment, and décor if they’re damaged by natural disasters, fire, or theft.
- Commercial auto (for company-owned and non-owned vehicles)
Covers the vehicles used by your company—including personal cars—if they injure other people or damage property. If your employee runs a personal errand in their own car while on the job, your business may still be on the hook if they get into an accident.
- Cyber insurance
Do you take credit cards? Cyber helps you cover the high costs of rebuilding your network, paying fines, and notifying customers if you’re hit with a cyberattack. More than two thirds of small business owners have experienced a breach – and that number is growing.***
In addition, we can let you know about specific risks your industry may have.
3. Get you prepped for an EIDL or other SBA loan
Remember hazard insurance? Many small business owners first heard about it when they applied for an Economic Injury Disaster Loan (EIDL) from the Small Business Administration. Launched to offset a drastic drop in revenue due to COVID-19, these low-interest (3.7%) loans offer long-term repayment options and can be used to pay fixed debts, payroll and more.
To qualify, applicants need to prove they carry hazard insurance—and other SBA loans have additional requirements that vary by your industry and type of business.
An insurance advocate can help you speed up a loan process that can often be complex and confusing, by reviewing and consulting on the insurance requirements portion of the loan.
4. Find you the most coverage for your money
Having an independent insurance advisor do the shopping for you from leading carriers can help you find coverage that hits the sweet spot of competitive price and ideal coverage levels.
It probably won’t come as a surprise we think Mylo could be a great insurance advocate for you. Our licensed advisors are equipped with proprietary technology we call The Mind of Mylo™ that lets us quickly:
- Give you an expert coverage recommendation
- Match your risks with carriers who specialize in your industry
- Find you the right policy at the best value
5. Make you (even) smarter and (more) confident
You did the hard work of making a brilliant business plan – then had the courage to go out and make your dream a reality. You don’t have to be an insurance expert to understand what protections you need to feel prepared and protected in the future. A Mylo advisor can do that for you in a brief consultation!
Even if you choose not to purchase with us, we can give you the peace of mind of knowing you’re well informed.
It’s fast and easy to get your personalized consultation with a Mylo advisor today.
* “Most small business owners don’t feel they have adequate insurance” (Property Casualty 360, 2018)
** “Small businesses have big insurance needs” (Insurance Information Institute, 2019)
*** “Two thirds of SMBs have experienced a cyberattack” (Ponemon Institute Study, Small Biz Daily, 2019)