Buying a home is a huge step to take. B... [read more]
Small Business Insurance
Every business owner needs to have business insurance and especially a small business owner because a lot of times your personal assets can be affected along with the business. Business insurance is a necessity and not an option. Insurance is intended to transfer a risk that you can not afford to one that you can. Everyone insures their home and its contents for a much more reasonable monthly premium and business owners need to do the same with your business. Without planning properly and protecting your business, and unexpected event can ruin the business that you have worked hard to build.
Your insurance agent is very important to your business and is just as crucial as your attorney and accountant. It is in your best interest to find an insurance agent that can handle all of your insurance needs. There are specific policies that are available and designed for the small business owner. By carrying all of your policies through one agent, you can save by getting discounts and package deals. You need to keep your insurance well informed on your business operations. Your insurance coverage's may need to change to reflect changes to your business.
Business insurance is important to your business and your business relationships. If you are leasing space for your business, your landlord may require you to carry insurance or for them to be listed as an additional insured on your policy. This protects them as well as you if something were to happen to your business.
When looking for insurance for your business, there are some main coverages that you should look into. They will cover you for unexpected events, but it is always best to speak with your insurance agent. Insurance coverage is not a "one-size-fits-all" solution. Your agent will be able to tailor your insurance to your specific needs. Insurance coverage that you may need includes:
- Property and Casualty Insurance
- Liability Insurance
- Commercial Auto Insurance
- Worker's Compensation Insurance
- Business Interruption Insurance
- Health Insurance
- Life and Disability Insurance
Your insurance agent may offer lower limits of coverage, which sometimes look good when you look at premiums. Business owners should always research industry trends and find out what limits are actually needed. It is suggested to have limits of at least one million dollars, but for some small business owners this isn't possible.
When operating a small business out of your home, do not assume that it will be covered under your home owner's insurance policy. Be sure to talk to your insurance agent to see if you can add specific riders to include your business under your home owner's insurance policy.