hings have changed a bit in business insurance since 1752, the year Benjamin Franklin started the Philadelphia Contributorship, the first property-insurance company in the United States. At that time the main enemy to businesses was fire, and while fire still presents an important risk to businesses, it is hard to imagine that Benjamin Franklin ever anticipated some of the new things businesses need protection from.
From cyberattacks to simple professional mistakes, the field of business insurance has become more important than ever, especially in terms of small businesses. Kevin Kerridge is a director at Hiscox, an international specialist insurance company, and heads up their division focused on serving small businesses in the US. Kevin knows all about the challenges small businesses face and which forms of insurance small businesses need.
"The first step is to make sure you understand what insurance you need depending on your type of business, and this varies widely,” said Kerridge. "It's amazing how many people skip this first step, or don't get the right advice and end up spending more than they need to while not being covered for the most common risks. If you are a small business you need to start by buying the coverage you really need, since your cash flow is king. To a small business, one claim can be crippling. It is not the damages, but rather it is the cost of defense that really hurts businesses."
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