Nationwide Insurance has partnered with The Local Take to share financial strategies with our listeners on a quarterly basis.
This week we are joined in the studio by Mr. Derek Campbell of the Derek Campbell Insurance Agency - Nationwideto talk about Business Insurance.
As of December 2015, there are about 8 million minority-owned businesses in the United States, according to a 2012 survey by the Census Bureau. Of these, about 2.5 million are owned by African-Americans. African-American-owned firms account for about 10 percent of the approximately 27 million in total of U.S businesses.
Often entrepreneurs are so focused on growing revenues they don't consider that they need insurance for their business venture.
I ask Derek Campbell to share with our listeners information about who actually needs business insurance. He explains that every business plan needs a line item for insurance.
He goes on to explain that in the state of Georgia if you have three full-time employees you also need to carry workers compensation insurance. Mr. Campbell encourages our listeners to speak with their current insurance agent to learn about business insurance. Additionally he recommends that all businesses should do an annual review of their insurance needs.
He cautions listeners who have home businesses to make sure that they have coverage for equipment and inventory that may not be covered under your homeowner's policy.
For our listeners who are considering entrepreneurship or if you're already growing your business make sure you make good financial decisions including business insurance for your growing concern.
More information is available from Nationwide and the Derek Campbell Agency.