Business owners can be bogged down with decisions when they're getting their company off the ground. From choosing a location, service and product offerings, hiring staff, marketing, and more, it can be a daunting task to know what choices should be made and which contracts should be signed. However, some of these decisions have more significant and lasting impacts than others. In today's Aegis blog post, we discuss three contracts that can have a major impact on businesses as well as their immediate and long-term success.

Commercial Lease

A commercial lease is one of the most important decisions a business can make, because of the location and also the terms of the specific contract. When business owners don't fully understand the terms of their commercial lease, they can be locked into a complex, costly contract that can hinder their ability to grow. Additionally, commercial leases can also contain hidden costs, restrictions, or exclusions for maintenance or repair that the business could end up paying for out of pocket. It's essential to thoroughly review the entire commercial lease before signing, as well as having an attorney or trusted business mentor review it for any potential issues.

Utilities and Service Providers

Another important set of contracts to consider are utility and service provider contracts. Having unreliable or spotty electrical, internet, or phone service can make or break many industries, particularly restaurants and retailers where they rely solely on these utilities to conduct business. Business owners should seek feedback from neighboring businesses in their area to ensure they're choosing the best utility providers available. Additionally, companies need to thoroughly research other service providers such as credit card processors, linen services, cleaning contractors, and key vendors to ensure they are signing contracts with reliable, reputable companies. Otherwise, poor choices could lead to the loss of revenue and damage to the company's reputation among customers.

Commercial Insurance

Finally, an important financial decision every business owner needs to consider is what kind of Commercial Insurance policies are needed for their business, and at what coverage amounts. Each industry is unique, so risks need to be evaluated carefully to ensure the business, owners, and employees are all protected if disaster strikes. For example, a restaurant or retail business is likely to need more Excess Liability and Workers Compensation coverage than a legal or accounting firm. The most effective Commercial Insurance policies are those tailored to specific businesses and industries to ensure all facets of the business are properly protected. If a Commercial Insurance decision is made in haste, it could leave the business underinsured and without the financial help needed in the event of a major catastrophe.

Aegis Insurance & Financial Services prides itself on providing top-quality Commercial Insurance solutions for businesses of all sizes. In addition to offering dependable coverage at competitive rates, our team of Commercial Insurance agents can offer suggestions to help mitigate potential risks, as well as keeping clients informed of recent insurance and government changes that could impact their coverage. For more information about the full range of Commercial Insurance policies offered by Aegis Insurance & Financial Services, contact our office at 713-850-7622 or fill out our online form to request a free quote!