Basics of Small Business Insurance

By | October 9, 2014

business ideaQuite difficult to determine what type of insurance you need for your small business. A variety of different types of insurance have similar names dizzying; state, city or county (county) may impose insurance requirements of each; and many industries have special insurance coverage for them.

Insurance is one of the responsibilities of a small business the most neglected. The unavailability of appropriate insurance for your small business is a mistake because a disaster can shut down your company for ever, or at least destroy the whole of your assets.

The Insurance Information Institute (III) in the city of New York estimates that about 40 percent of small business owners did not have insurance, as many people mistakenly believe that they can not afford the insurance premiums. The truth is that small business can not do not have to have adequate insurance. Without insurance, you should not make your livelihood at risk. That is also why many landlords, suppliers, and any other entity associated with your business may require you to have insurance coverage.

If you are having trouble deciding which type of insurance you need to have, check with the following agencies:

  • County or city officials
  • A branch office of a local industry association
  • State insurance office

Below are some types of insurance which is used by small businesses.

Insurance for Your Business

  • Business Owner Policy
  • General Liability Insurance
  • Property Insurance
  • Insurance (Errors & Omissions) Professional Liability
  • Commercial Car Insurance
  • Umbrella insurance
  • Insurance Income / Expenditure Supplement Business
  • Product Liability Insurance
  • Additional Equipment Insurance
  • Special Equipment Insurance

Insurance for Yourself and Your Employees

  • Health Insurance
  • insurance powerlessness
  • Life Insurance
  • Key Employee Insurance
  • Workers’ Compensation Insurance