Small Business Saturday is a great way to remind the community that you’re here and ready to serve them. Small Business Saturday was started nearly 10 years ago by American Express to help remind consumers to support their local businesses. It’s still going strong, and whether you’re a veteran business owner, or thinking of starting a small business of your own, we have put together our top banking and insurance tips for small business owners.
Don’t just swipe right.
- Business insurance is not like personal insurance. Filling out a form online or trying to bundle it with your home owner’s insurance, isn’t the best way to secure coverage. The first step to securing the correct coverage is finding an agent that you trust, establishing a relationship with that agent and letting them do the shopping for you – finding you the best rates and terms in the market. They will be your biggest advocate and voice at the table when a claim occurs.
General Liability is kind of key.
- General Liability coverage, is a must but may need to be enhanced with other coverage lines based on the intricacies of your business. Adding product liability, hired and non-owned auto coverage, tenants liability or others may be recommended. Your business is unique, and so is your coverage.
There are four seasons, be prepared for them.
- We live in Colorado- the land of unpredictable weather like hail, bomb cyclones, and even drought. We know- we’ve been in business in Colorado for more than 100 years! While weather is hard to predict, there are many ways to prepare for the physical impacts of severe weather and any damages that are the result of that impact. Make sure your talking through that with your agent.
Workers’ Comp is state law.
- If you are opening a business, and have employees, you’ll need to acquire a Workers’ Compensation policy. It doesn’t have to break the bank, but you do need the coverage. You can read more about Workers Comp here.
Your business is not too small for Cyber Coverage.
- Hackers aren’t biased – they’ll go after whoever they want whenever they want. If you’re doing business online then you’re a target. Check out this article from IA Magazine for more info on the misconceptions of Cyber coverage.
How do your 5 C’s match up?
- When a bank is deciding whether or not they can issue a loan to a small business, they’re thinking about your Character, Capacity, Capital, Conditions and Collateral. We could write a whole piece about this, but you can get a great overview here. Do your 5 C’s have what it takes to secure a loan?
Not all Banks are created equal.
- Don’t assume that your personal bank is the best bank for your business. Retail banks and credit unions don’t always have the best solutions for a business account. This is especially important when it comes to technology. Find a bank that lets you do your business from anywhere and provides you products that fit your business needs.
Consider your FUTURE needs.
- Think about a bank as your partner. You want a partner that is great for your company today, and in the future. You might start out with two employees and no store front, but is that where you’ll be in five years? Will you need retirement plans and payroll solutions for your growing business? Find a bank that will help you now and 15 years from now.
Are you an owner or a tenant?
- Is your business getting too big for your home office? Maybe you’re not happy with your current location? Either way, before you start looking for a long-term lease, consider a commercial real estate purchase. Owner Occupied Commercial Real Estate loans often require less than the typical 20% down payment, and offer competitive terms, making it a more attractive option compared to leasing.
SBA (Small Business Administration)
- SBA loans are an amazing tool to help your business grow. With flexible and advantageous terms, SBA loans can be used on everything from inventory and equipment to business acquisitions and property improvements. You can click here to learn more about the loans that were specifically made for small businesses.