NEW YORK, April 22, 2014 /PRNewswire-USNewswire/ -- Entrepreneurs and business owners everywhere have questions about business insurance—and to answer queries about everything from business interruption to product liability and beyond, the Insurance Information Institute (I.I.I.) has released (Not So Risky) Business, the third installment of the popular I's on Insurance series created to make insurance coverage simple to understand for consumers and business owners.
"Starting your own business is exciting, but it's also hard work and involves planning and making key financial decisions," said Loretta Worters, vice president with the I.I.I. "Along with choosing location, logo and letterhead, you need to think about financing and determining the legal structure of your business, and writing a business plan, which includes having the right type and amount of insurance."
So much more goes into business insurance than getting the lowest business insurance quotes. It means understanding your business's unique needs and the potential risks that can threaten its success, the video explains. For example, 25 percent of all businesses do not reopen after a disaster, the I.I.I. noted. Fortunately, business income insurance covers the revenue you would have earned, based on your financial records, had the disaster not occurred.
"Too many small business owners fail to think about how they would manage if a fire or other disaster damaged their business premises so that they were temporarily unusable," said Worters. "A business that has to close down completely while the premises are being repaired may lose out to competitors."
The I's on Insurance: [Not So Risky] Business instructs you on the ins and outs of small business insurance. In only a few minutes, viewers can get the basics about different types of business insurance, so that it easier for them to have a productive discussion with their insurance agent or broker.
- Article: What Does Business Insurance Cover?
- Other I's on Insurance Videos: Your Homeowners Coverage and Auto Coverage: You're in the Driver's Seat
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
Insurance Information Institute, 110 William Street, New York, NY 10038; (212) 346-5500; www.iii.org
SOURCE Insurance Information Institute