Craig Hall, The Business Times:
“My agency is focused on people that own businesses,” say LaVonne Gorsuch, a State Farm agent in Grand Junction, “And because we have a relationship with the business owner that goes beyond writing insurance, we can more accurately understand just what it is they are looking to protect and plan for their financial future.”
Gorsuch goes on to say that it is important for business owners to understand whether or not their liability insurance travels with them or whether or not they are covered if there is an accident at their home that may occur while they are conducting business in the home. This last area has become more and more critical as the number of home based businesses is growing through both opportunity and as a result of the economy.
“Many owners do not realize that they need the right insurance, even if they are just running a cosmetics business out of their home,” says Gorsuch, “If an accident occurs while picking up a product, you may not be covered.” The process of knowing what insurance to have for a home-based or individually-owned business is just a matter of taking your time and talking to your agent in a very thorough and frank manner Gorsuch explained. State Farm has a line of products that are designed and priced specifically for the home-based business.
The goal of any agent writing insurance in this arena should be to make coverage more cohesive across the board between the personal and business needs of the client. This can be accomplished by talking with your agent at least once a year or when anything significant change occurs within your business such as a change in sales volume, adding or removing employees and changing your status from a renter to a building owner. “Many owners are surprised that they need a few different types of coverage as building owners, particularly if they are a tenant in their own building,” says Gorsuch.
Gorsuch cannot stress enough just how important it is to talk openly with your agent when it comes to insurance, as those conversation may send up a flag in the agent’s mind as to a hole in your coverage. “We have a client that lives on the Grand Mesa and is in the real estate business,” Gorsuch relates, “And through our conversation about his love of riding snowmobiles we discovered that he sometimes uses them to transport clients. Obviously, we needed to cover him for that risk.”
The bottom line is that as an individual business owner it is very important to find an agent that you like, enjoy talking to, and that you can completely open with, as you should be doing a lot of talking over the years you are in business.