The argument in favor of business insurance

22 Dec

Some folks feel business insurance is mandatory. Here’s an example. When I worked for the condo association in downtown Chicago mentioned earlier, the board of directors felt their errors and omissions insurance policy was highly important. At one board meeting, I asked the board to buy a new copy machine and fielded questions for more than 20 minutes before the board voted 5-4 to purchase the new machine. The next item on the agenda was an increase in the board’s errors and omissions policy from $1 million to $2 million. My boss presented this for 10 seconds and then they voted unanimously YES!

Here’s another example. Businesses that were impacted in the September 11 terrorist attacks, Hurricane Katrina, and the San Diego fires all incurred losses. Some of the businesses recovered. They had purchased business interruption insurance to help them get through an unknown disaster. Businesses that did not have current business interruption insurance had a tougher time recovering after these events. Some didn’t recover at all.

Here’s a final example. A friend opened a coffee shop in an old strip mall. He opened up shop, hired friendly people, and ran some very successful marketing events. Everyone loved him and the shop. One day, a water pipe burst and flooded the building. He closed up shop. I do not know if he had insurance to cover this, but I do know he never reopened.


Mark Anthony Germanos is the author of two books, Escape the Cubicle: How to leave your corporate or government job for something better and How to Make Computer Systems Work for You. He has faith in a slow but sure Sacramento business revival. Sacramento small business owners are leading the way. His second book, Escape the Cubicle, is for those who want to escape cubicle jobs and become successfully self-employed. Escape the Cubicle answers the questions: "How can I grow my business" and "How do I become my own boss."

Mark is the President of Cameron Park Computer Services. As a business owner and computer networking consultant, he has seen habits that successful Sacramento small business owners embrace. He helps Sacramento small business owners embrace those habits to increase their profits, efficiency and happiness. An advocate of Sacramento business revival, Mark believes everybody should run their lives like a small business, perform SWOT Analyses and use social media campaigns to improve business. He used to say “social media is stupid.” That was until he attended a conference and saw how Sacramento small business owners can use social media campaigns as a valuable tool. Since then, he has earned more than $40,000 in business via social media. His Sacramento small business clients also have five-figure returns. Sacramento small business owners that launch social media campaigns give themselves a comparative advantage over those who lag behind. Mark does not do everything, but his clients do receive great results and participate in the Sacramento business revival when they follow his advice.

Mark moved from Chicago and restarted his business in California with a cell phone and a Honda Civic. An active triathlete, he has a life, a dream wife and a dog. For additional details, visit Twitter: Facebook: LinkedIn:


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