2021-04-01 06:00:45Thought LeadershipEnglishIn a recent survey, only 17% of small businesses surveyed had business insurance, while 23% were not even familiar with business insurance.https://quickbooks.intuit.com/blog/us_blog/uploads/2021/03/Disasters.jpeghttps://quickbooks.intuit.com/blog/thought-leadership/preparing-for-the-unexpected-a-wake-up-call-for-small-businesses/Preparing for the unexpected: A wake-up call for small businesses

Preparing for the unexpected: A wake-up call for small businesses

1 min read

Small business owners are faced with making many pivotal decisions everyday when it comes to starting, running, and growing their business. Over the past year, the impact of those decisions may have determined whether they survived the unforeseen effects of COVID-19. One critical aspect of operating a business that owners must consider in order to make them less vulnerable to unexpected incidents and events is small business insurance.

In a recent survey* conducted by Intuit® QuickBooks®, only 17% of small businesses surveyed had business insurance, while 23% were not even familiar with business insurance. While business insurance may not seem like an obvious necessity there are potentially catastrophic consequences of not having any coverage – or not having the appropriate coverage. Unexpected incidents such as a lawsuit, natural disaster, cyber attack, or business interruption can slow growth for a business or worse, force them to close. A survey by FEMA showed that 40% of businesses do not reopen after a disaster.

Disaster Infographic 1

In fact, more than 50% of businesses surveyed have reevaluated their business insurance needs due to COVID-19. Small business owners can evaluate, purchase, manage, and track their QuickBooks Insurance within QuickBooks, using the information already available on the platform.

With 40% of businesses surveyed stating that they’ve regretted not having business insurance, it is important for owners to understand how quickly and easily they can become insured. So while 24% of businesses surveyed said they would rate their knowledge/experience on the topic as weak, QuickBooks Insurance makes it easy and convenient for a small business to become insured online in minutes.

Disaster Infographic 2

Unlike the traditional process that is complex, needs several days, and requires small business owners to fill out several forms to get a quote or initiate a purchase process, QuickBooks Insurance makes it easy and convenient for a small business to become insured online in minutes. There is an easy online Recommendation Tool for small businesses to figure out what kind of coverage they need.

Accessible via the Insurance tab, QuickBooks Insurance offers general liability, professional liability, employment practices liability, workers’ compensation, commercial auto, and cyber coverage through three highly-rated providers: AP Intego, Coterie, and Next Insurance.

It is possible to ensure that your business survives unexpected incidents. For more information on QuickBooks Insurance, please visit quickbooks.com/insurance.

*A third-party survey of more than 1,200 small businesses in the U.S. was conducted in October 2020.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.
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