Lifestyle

5 Types of Insurance Every Entrepreneurial Mom Needs

You finally did it! You took that leap of faith and started your own venture. After years of changing diapers and picking up toys, you finally have something going. But not so fast! Did you know that most entrepreneurial ventures fail within the first two years?

Sounds cliché but it is true. One of the main reasons businesses fail is running out of cash. The problem is that life is unpredictable and will hit you with many “one-off” situations to slowly deplete your cash. To protect your venture, you seriously need to protect yourself against these anomalies by buying insurance. Here we will share the five insurance covers every entrepreneurial mom must have.

  1. Health Insurance

No amount or level of business success can ever compensate you for your health and well being. Getting that business up and running may be costly but it should not cost you your health. Health insurance will help with this. To run your business at maximum efficiency, you also need to keep your body operating at maximum levels.

 Besides covering yourself, you also need to cover your family.

If your spouse or child falls ill, you do not want to divert money from your business to pay for medical care. Health insurance will help you keep your medical expenses at a predictable level that you can factor into your annual expenses. You can find out more information about health insurance by visiting www.consumersadvocate.org.

  1. Accidental Death and Dismemberment Insurance

This type of cover will pay you if you lose a limb or die accidentally. According to death and dismemberment insurance provider MeetFabric.com, AD&D is essential for people who live a riskier life. This goes outside your entrepreneurial ventures. What they mean is if you have dangerous hobbies – extreme sports, taking road trips, riding motorcycles, then you need to have this extra insurance.

The gruesome truth is that you will not always die from an accident and so your life insurance will not always kick in. Sometimes you might just lose an eye or a limb. And for those cases, you cannot afford to go from breadwinner to financial liability for your family. This is where AD&D comes in. It will cushion the blow of getting dismembered.

  1. Life Insurance

You love your life. That is a big reason why you have started or are thinking of starting your own business. You know who else loves your life? Your family. And they would love to see you succeed in all you do. But what happens when the Grim Reaper comes knocking? You do not want to leave your family destitute. When you walk out of life, there needs to be something there to protect your family.

Life insurance is the answer. It may not bring you back (sob) but it will give your family a soft landing after you are gone. Think of life insurance as continuing to take care of your family even after you are gone.

  1. Homeowners/ Renters Insurance

As a mom, your home is your sanctuary. It is where your young ones call home. If anything were to happen to your home, you would want to restore it to what it was. Homeowners/renters insurance does this.

It allows you to insure most of your expensive household items against loss. This could be theft, or accidental damage. Cover against fire, floods, earthquakes and other unusual cases must be negotiated as add ons to your cover. However, keep in mind that the specifics of a homeowner’s insurance policy should be carefully reviewed and scrutinized.

  1. Auto Insurance

You probably already know you need this. As a mom, you have driven your children all over the place. You know the dangers of the road and why everyone must stay safe. Now that you are switching your focus to business, nothing changes.

You must protect yourself while on the road. Keeping your auto insurance updated is therefore a must. You will also need to check and ensure you have comprehensive cover. This is best as the insurance company will cover almost all expenses in the event of an accident.

Starting an entrepreneurial venture is a fierce and bold move. Taking steps to protect yourself and your family by purchasing insurance takes it to a whole new level. Be the boss that you are and take out those insurance policies. You will not regret it!

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