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Business Insurance

Owning a small business is an investment of time and money. It is an investment that deserves the protection of business insurance.

Business insurance provides protection for a business, and keeps the business from financial loss associated with unexpected events. The insurance might protect a business from loss due to a business partner’s death, an employee injury, a lawsuit or a disaster like fire or flood.

The owner of the small business might not have much of a say-so in what type of insurance to purchase. In some states, businesses must carry certain types of insurance, such as worker’s compensation. A financial investor or lender may also determine what type of insurance a business must have.

Options

Insurance covers many risks that a business might encounter. Here are examples of coverage most often purchased by business owners:

• Product Liability Insurance

• General Liability Insurance

• Professional Liability Insurance

• Commercial Property Insurance

• Home-Based Business Insurance (traditional homeowner’s insurance does not cover a business).

Before buying business insurance, business owners must assess their risks. This helps avoid having too much or too little coverage. The best option is a business owner’s policy (BOP), which is a package insurance plan for business owners. It is cheaper than buying different policies from several insurance companies.  Keep in mind that as your business grows, you need to make sure your insurance is adequate.






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