When the subject of insurance is often discussed, small business owners try their best to shy away from it. For most of them, insurance premiums are just another payment or liabilities they have to bear. Yes that’s right, some people actually consider insurance as a liability. As a growing business, no one is expecting you to have all the insurance policies that big businesses have. There are some basic policies you can start with and as the business grows, you can upgrade or add others.
These small businesses believe, for example, that they are no threat to hackers and that their business is too small for anyone to bother about it. While this may seem true to some extent and big time hackers may have no business with you but you could still be vulnerable to ‘small-time’ hackers. Unlike big businesses that are able to pay for reputation damage if and when a breach occurs, you may not have that luxury.
These big companies have been able to grow a large list of clients and customers who could easily be influenced back to maintain their trust with a good enough reputation damage control. As a growing business still struggling to carve a niche for yourself and still fighting customers in the pool market, are you sure you would be able to survive a data breach? You can start off with a Business Owner’s Policy and look towards getting more specialized policies as your business begins to expand.