Red Portfolio Home > Owning A Business > Protecting Your Business
You worked hard to build it.
Are you working to protect it?
You have a lot riding on your small business. Chances are you’ve invested an enormous amount of money and effort to get it – and keep it – going. So one of the most important things you can do for yourself is to make sure it’s all properly protected.
What insurance do I need?
In general, you should expect to have comprehensive protection for your building or location, business personal property, loss of income and business liability. You may also want to consider protecting your business in the event of your death or that of a key employee. There are a wide variety of policies available for owners and operators of retail, wholesale and service businesses, plus optional coverage that will allow you to tailor the insurance to your specific needs. A State Farm agent can explain the various kinds, including our Business in the Home program, to make sure your business can handle the unexpected.
Obey the law.
Business tax laws are tricky. So our best advice to you in this area is to find a good accountant to show you the way. They’ll explain local and provincial laws and help you lower your future tax obligations. But remember, even with the extra help, you’re still ultimately responsible. Make sure you work closely with your tax accountant so you have a general idea on how all of the various tax systems and federal income tax can impact your business.
Going the distance.
Getting your business up and running is just the tip of the iceberg. Turning a profit and sustaining it is where the real battle begins. Money management and proper cash flow is critical. As a small business owner, you should hang on to cash as if your life depended on it and only spend money to earn money. Even the largest multi-national companies – the ones that do billions of dollars in sales each year – are careful with their expenditures. They're constantly looking for ways to cut costs while maintaining the same level of quality. Take their lead and aim for their kind of frugality.
What about my employees? »