Regardless of when you start your business, have the right insurance

This blog has previously highlighted the struggles that business owners might experience. A  natural disaster, vandalism or even a cybersecurity issue could force a company to close its doors. Even if it is only temporary, the process of getting back on one's feet can be time consuming and costly. No matter when an individual decides to start a business, there are many things to consider.

A recent study, the 2013 Global Entrepreneurship Monitor, found that more than one-quarter of workers 65 or older are planning to start a business in the next three years.

Michael Cummings, faculty director of the fast-track M.B.A. program at Babson College, told the Wall Street Journal that the learning curve can be steep for older individuals who want to become entrepreneurs.

"You have to look at your risk profile," he said, adding that it's important for golden-age business people to not put more money into their ventures than they can afford to lose. "When you're 30, you have another 35 years to make your money back. At 65, that time is significantly less."

Additionally, it is also a necessity to be flexible, according to Cummings. Individuals will often have to change their expectations, and make adjustments in setting goals. This does not necessarily mean failure, he explained, but it just means you have to alter your assumptions.

Whenever someone decides that they want to start a business, he or she must consider a number of different factors. The importance of having the best insurance policy, or policies, in place should not be overlooked. Paying for repairs out-of-pocket can be devastating for any company owner, regardless of his or her age.

No matter how niche an organization may be, working with commercial insurance specialists can help owners find comprehensive coverage. Everything from technology insurance to general liability should be considered. Professionals in the insurance field can help company heads find what is necessary for their particular business.

 

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