4 reasons veteran-owned small businesses need small business insurance

If you’re a veteran who has started their own small business, congratulations! If you’re selling something other than coffee and t-shirts, even better! You’ve worked hard to acquire capital, build inventory and advertise your small business. Don’t you think you should protect it? Small business insurance, specifically a business owners policy, is like that on-tap air support you had overseas. You hoped that you didn’t need it, you sure were glad to have someone watching over you. There’s a lot on your to-do list if you’re a small business owner, especially if you’re a sole proprietor. Protecting your investment with small business insurance is a task that should be on that list.

Let’s start with a big one. Some customers are looking for any reason to sue a business, whether their accusation is founded or not. A lawsuit is bad for any business, but especially a small one. Moreover, while appreciation for the military and veterans has certainly risen since 9/11, there are Americans who view them in a negative light. If you and your small business find yourself in the crosshairs of a lawsuit, having small business insurance can be the cover that you need. With SBI, your insurance company can help you handle the time, money and effort needed to fight a lawsuit with business or commercial liability protection.

You probably don’t miss early morning formations or cleaning weapons until the sun goes down, but that bi-monthly paycheck when you were in the military sure was nice. As a small business owner, your income is now tied directly to the success of your business. You hope they don’t happen, but accidents and disasters out of your control could severely inhibit your ability to do business, cutting off your income. Luckily, most small business insurance policies provide income replacement or continuation in such cases.

You’ve probably memorized the DoD Cyber Awareness Challenge at this point, but that won’t protect your business from cyber crime. With online storefronts, electronic payments and digital customer data storage, small businesses are a favorite target of cyber criminals. Like with physical crime, most insurance small business insurance policies include protection against cyber crime or offer it as an additional option. If it can happen to large corporations with dedicated cyber security divisions, it can happen to you.

Your business has grown from a garage startup to a proper office, warehouse, business vehicles and actual employees; well done, you! Don’t forget to cover those new additions with insurance. You didn’t need workers compensation, commercial auto insurance or business property coverage before, but you do now. If one of your employees gets in a wreck with a company car and product inside the vehicle is destroyed, you’ll need all of it. Like when you became a squad leader, platoon sergeant, platoon leader or company commander, being a small business owner comes with a lot of responsibilities. You couldn’t get small unit insurance in the military, but you can get small business insurance for your company.