Minimize Small Business Risks

If you own an small business maybe you are making small mistakes that you can avoid. Here are the 7 most common:

1. Be cash conscious: This is the number one risk that small business owners have.Calculate every month how much money you have on hand and how long it will last if your income dries up.



2. Insure against your specific risks: You must know your specific risks and insure them, don`t buy a standard insurance.



3. If your business changes, your insurance should, too: Meet with the insurance company to evaluate if your business have change and need to modify the insurance plan.



4. Insure key people: You need to insure people who are key to your business, because without them you business can fail.



5. Use contractual indemnification clauses: Seek indemnification for potential damages caused by other businesses and people your business relies on regularly.



6. Give yourself an out: Your contract should cover how you can end the relationship and what happen if you do.



7. Create separate entities: Any time you take on a new risk, consider creating a new legal entity.
   

I hope this article will help you and your business get stronger and bigger every day.

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