One of the biggest financial risks of all is starting a business. Fortunately, insurance can help protect your small business.
When looking for insurance, it is best to seek the help of an insurance professional who will make it easier to find policies more suitable to your needs.
There are no two identical businesses, but every business owner should consider specific types of insurance: property insurance, business interruption coverage, commercial vehicle insurance, life insurance, liability insurance, and workers’ compensation insurance.
Each type of insurance, whether required by law or optional, could be beneficial to your business.
Property Insurance covers every building location from which your company functions. It will cover all risks or area-specific risks, furniture, inventory, computers---everything your business needs to run.
Business Interruption Coverage ensures that your assets and earning will be covered should a natural disaster or another incident shut down your business. It replaces any lost income that occurs while your business is closed.
Commercial Vehicle Insurance will cover any vehicle used on behalf of your business when your personal policy would not cover the vehicle.
Life Insurance is a great tool to consider when you co-own business. When a partner dies, you will need to buy out the deceased’s share. Your business would then receive capital from the policy to fund the loss.
Liability Insurance covers injuries, property damage, medical expenses, and lawsuits when legal actions are taken against your business. You will be financially protected should malpractice issues were to arise.
In all states, Workers’ Compensation Insurance is legally required. It will cover illnesses or injuries which occur while working for the company. It covers lost wages and medical expenses.
In any case, you need to decide how much you want to cover because what you have is worth protecting. What you own is important, you should always look into insurance for your business.