What’s the most challenging part of being a small business owner? The answer to this depends on who you ask and the industry you’re talking about, but for many, it’s marketing, according to the results of a recent survey.
Nearly two-thirds of people who own a company describe the advertising process as being the hardest aspect of business ownership, the Harris Poll found, with 40% having executed a campaign in the last six months.
When marketing is done well, the rewards are significant, evidenced by higher earnings, heightened consumer awareness and customer satisfaction. It’s all about growth as a business owner, and when advertising is effective, growth is what you get.
But with said growth comes changes, be it in the form of hiring more workers, expansion – e.g. like building on to the present work space or setting up a separate office – or longer operating hours.
Whatever it happens to be, the changes have to be accounted for with the proper business insurance plan.
As noted by the Insurance Information Institute, a business owner policy – or “BOP” – is the ideal policy for companies with 100 employees or fewer. They typically include property insurance, liability insurance and business interruption insurance should there be an accident that forces a temporary closure. Each of these coverages are critical to an effective plan for handling the nuances of entrepreneurship that are often in a state of flux.
For more information on business owner policies, speak with RC4 Insurance Agency, LLC today.
Article by Selective Insurance Company
