In general terms, almost every business should carry property insurance, e.g. to cover fire damage, general liability to cover third party claims, a reasonable amount of workers’ compensation in case your employees sue you, and Errors and Omissions to protect you against the kind of mistakes you make when following your standard business routines. Suppose, for example, you write down the wrong delivery address and ship the order to the wrong place. Or the software you lovingly craft for your client crashes his PC when uploaded. The number of possibilities are infinite which is why this type of insurance has real benefits. It is so difficult to predict all the different errors and omissions that might occur. But there is one thing of which you can be certain. The majority of your customers will sue. Even though some of these cases will be vexatious and frivolous, your own costs are covered. Fending off these suits keeps you in business and makes the premiums a good investment.

E & O insurance tends to be classed as for “professionals” and it is true that lawyers, doctors, accountants and others with professional status depend on this type of insurance in their day-to-day lives. No one can afford to lose a case affecting their reputation. But that is just as true of ordinary small businesses. Everyone depends on their good name to get and keep clients. But the amount you buy will depend on the scale of the risk. Small business insurance must be affordable. To keep it so, review the way your business deals with complaints. Often, a sympathetic ear and immediate action to make good, will defuse the anger and head off the litigation. You should also look at the way you market your goods or services. Avoid anything that looks like a guarantee or warranty. If a customer has false expectations about the quality of what you sell, this will add fuel to the fire. Finally, check all your business processes and operations to reduce the chances of making a mistake. That said, small business insurance can keep you in business long enough to become a big business. It all depends on giving good service and developing your business model to match your customers’ needs and expectations.

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Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful. – Albert Schweitzer

Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. – Booker T. Washington

Try not to become a man of success, but rather try become a man of value. – Albert Einstein

In order to success you must fail, so that you know what not to do the next time. – Anthony J. D’ Angelo

To me success means effectiveness in the world, that I am able to carry my ideas and values into the world – that I am able to change  it in positive ways. – Maxine Hong Kingston

Success consists of going from failure to failure, without loss of enthusiasm. – Winston Churchill

Don’t aim for success if you want it; just do what your love and believe in, and will come naturally. – David Frost

Success will never be a big step in the future, success is small step taken just now. – Jonathan M

Success is blocked by concentrating on it. Success is shy – it won’t come out while you’re watching. – Tennessee Williams

I know the price of success: dedication, hard work, and an unremitting devotion to the things you want to see happen. – Frank Lloyd Wright

Many of life’s failures are people who did not realize how close they were to success when they gave up. – Thomas Alva Edison

I cannot  give the formula for the success, but I can give you the formula for failure: which is Try to please everybody. – Herbert B. Swope

Success without honor is an unseasoned dish; it will satisfy your hunger, but it won’t taste good. – Joe Paterno

It is a mistake to suppose that men succeed through success; they much oftener succeed through failure. Precept, study, advice, and example could never have taught them so well as failure has done. – Samuel Smiles

Six essential qualities that are the key to success: Sincerity, personal integrity, humility, courtesy, wisdom, charity,  – William Menninger

The successful man will profit from his mistake and try again in a different way. – Dale Carnegia

Think of your faults the first part of the night when you are awake, and the faults of other the latter part of the night when you are asleep. – Chinese Proverb

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