Starting a business of your own takes vision, confidence, and courage. And, for those who are wise, it also takes the vision to get properly insured. The last thing you want, is for all of your dreams and hard work to go up in smoke due to an unforeseen calamity. Getting the right small business insurance policy can protect you, your business, your employees, and your clients.
There are many types of insurance coverage for small businesses. Depending on the type of business you own, you will want one, several, or all of them. Many of them work together to ensure your business has complete coverage.
- Business owner coverage. This is a general, over-all insurance for small businesses. It provides damage protection from fire, other catastrophes, and limited liability protection.
- Liability insurance. This insurance covers injuries suffered by someone, such a client or employee.
- Property insurance. Property insurance covers damage to your building and to objects inside the building, including products and equipment.
- Product liability insurance. This type of insurance covers you in case one of your product’s cause harm to someone. If you are in a food business, you’ll want to make sure you get this coverage.
- Errors and omission’s insurance. This insurance is important for service-based businesses. It covers you in case a mistake or an omission causes a client harm.
- Business income insurance. This is a type of disability insurance that ensures you get paid if you miss income as a result of damage to your business.
Depending on your business needs, here are some additional types of small business insurance that is well worth checking into: “Key Person” insurance, unemployment insurance, automobile insurance, office and director insurance, home office insurance, and workers’ compensation insurance.The best way to proceed is to contact at least two reputable insurance companies that are familiar with your type of business, and get quotes and estimates from each one. The key is to make sure that you, and your business are truly covered. For example, if your business is worth, a million bucks, don’t get it insured for only $500,000. Get your small business insured for the amount it’s truly worth.