Hi. This is Tom, business risk advisor with the Hummel Group. We're going to talk about how does insurance fit into my business plan.

Buying insurance along with a host of other expenses associated with running a business can be challenging. What insurance coverages are needed? Why are they needed? And to what end will this coverage help me grow my business with confidence? These are all questions that I hear regularly, so you're probably wondering the same things.

First, insurance is a means of protecting your business as your plans come to fruition. Keep in mind that allocating a part of your budget to buying insurance is like setting money aside to ensure that if something goes wrong, you'll have an advocate to step in and help to protect what you’ve built.

Second, procuring insurance often comes with a list of requirements and or recommendations to help you mitigate the risk associated with your business.

For example, when you enhance the surveillance system, storage practices, and educate your employees on how to best perform their jobs, your risk decreases. These practices are like a backstop at the range, while the insurance coverage is like the baffles above, the disallows the bullet from leaving the range and causing catastrophic damage to your business.

We're here to help you to navigate the challenge of the insurance buying experience.

Check out our video on insurance coverages to consider to learn more.