Sunday, 22 July 2018

Information and commentary for the small business banking industry

Helping your small business customers with their insurance needs

01 Feb

Being in business involves risks. Some risks, most business owners are aware of, but there may also be others that have escaped their attention. There are three main choices with risk – accept the risk and its consequences, take out insurance to protect against the risk, and manage the risk to reduce or eliminate it.

If they choose the first strategy, they probably haven’t thought through the consequences. Most business owners use a combination of the second and third strategies. They insure against the major risks they face, but also take active steps to reduce, minimize or eliminate risks.

As a bank, you’ll offer a range of insurance options. It’s a good idea to sit down with your small business customers and decide which options suit them best, then tailor a package to fit. If you can customize the deal, you’ll be building a stronger relationship with your customers.

Nobody enjoys paying insurance premiums, but having the appropriate insurance in place is good management and brings peace of mind. The below article looks at insurance for small businesses in more detail.

Read the full article at:

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