Entrepreneurial types tend to be relentless in the pursuit of their dreams. Many bring a single-minded focus to getting their business up and running. They spend every waking moment (and even some of their sleep time) thinking up new ways to innovate, improve, and outfox. This type of person is often so preoccupied that he or she skips meals unintentionally.
It’s little wonder, then, that many entrepreneurs and small business owners don’t pause long enough in their frenzied development efforts to consider the various ways in which they should take out insurance policies on their physical facilities, intellectual property, and sometimes even their very lives. Developing a new piece of lifesaving medical technology or scaling up a Mom-and-Pop restaurant into a franchise is fun and exciting. Taking out insurance policies is decidedly less sexy….