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)
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22 responses to “5 Ways an Insurance Advisor Can Help You (for Free)”
I am interested in talking to you and seeing all the things I am doing wrong because I have literally been in business for roughly since I filed on September 17, 2021. Can’t wait to hear what you have to say.
1. I need to know what an LLC is required to turn in every year and what I need to do to stay in good standing with the state of MIchigan?
2. Next do I need Workers Comp or can employees opt out of getting the Workers Comp Insurance if I am not messing with Aspestis, Cement, Insulation, on a roof etc…?
3. Next were and how do I get a FEIN Number? Is that the same as my EIN number? Don’t I need another number to hire Employees?
4. Sorry I have been trying to figure all this out as I didn’t plan on things moving so fast I meant for it to just be a weekend thing but it took off and that is a good thing.
5. My goal is to have 20+ Employees and to branch off and open a Cyber Security branch off of this LLC and maybe a couple businesses off of this LLC such as a cleaning service, and then do just a painting business and a General Contractors Business, etc..
6. What all do I need to turn in for Tax purposes if I made 30,000.00 since being in business in September. I dumped everything back into this Company with a website, Leads, Bank Accounts, Applications to help me write my Estimates/Contracts, etc..
Hope to hear from you soon as I have more questions just can’t think right now. Talk soon, Jeremy Owner of J.A.C.K. Contracting LLC.
1. I can’t advise on each state’s filing requirements. You can get information on the Michigan government’s website. I’ll share another resource in a moment.
2. There is a Michigan Department of Labor website for this question.
3. FEIN is essentially the same as EIN. The IRS has helpful information on EINs here.
4-5. Great to hear your business is taking off!
6. For this question you need an accountant. It should be a good investment to make sure you stay in compliance and minimize taxes.
Final resource – I’d really recommend you meet with your Small Business Development Center (SBDC) and/or SCORE. They are an SBA resource partner and can help you for FREE as you grow your business. They can provide resources on all these questions and more. Michigan has an excellent SBDC network. Find out more here.
Hi i am interested in the commercial auto insurance.
Hi Ken – Feel free to reach out to Nav’s insurance partner Mylo.
Thanks for this info. I’m so lost an I would like someone to help me. I haven’t. Ade another decision due to fear. Also I don’t want personal connected to bussiness credit. About the social media. What exactly are you saying . Should I just stop posting on my personal blog or site. How to separate personal on social media. It’s a safety issue now
Hello I am trying to figure out how to switch my business name because I have a new one and it won’t let me switch it
Hi Janae – Are you referring to your Nav account? If so please reach out to our customer support team: firstname.lastname@example.org.
Have any thoughts and resources for someone who has a home business and does architectural ‘drawings’ & project management (but is not a licensed architect)? Especially interested in writing some basic disclaimer small print for the bottom of our 1-2 page simple client contract agreements. THX!!!
Good morning I just set up a business acc I would like to know how I can up load my contracts
I’m sorry I don’t understand your question.
Hi my name is Sharon and I have started a real estate business and need insurance to cover myself and other that may be working with me how can you help me.
Hi Sharon, This resource should help and you can always reach out directly to our insurance partner Mylo.
I Have a Janitorial Commercial &Residential Cleaning business that I just started and I just would like to know about different policies that would be a good for my company.
Hi Al – This information may be helpful. From there you can reach out to Nav’s business insurance partner.
Have all of the above:)
Nevermind, I found it! it’s not really clear in the get started button above, I though it was a button to read a pdf of the article listed above. Maybe if it had the Mylo advisors name in the get started button….?
Hi! Did I miss where I can contact Mylo insurance advisors? I’d love an overview of what I have in my policy!
I really look forward to creating jobs for people. With the right amount of help I know that I can make a difference in many people’s lives
This is something I really need to know! Can I attend please?
Not sure what you’re asking to attend Mark.
I would like more information on how I can enroll in business insurance
Krystle – You will find more information here. We hope that helps!