Small Business Insurance Coverage
If you have a business that is new and just starting out, you will need to purchase small business insurance coverage. Small business insurance coverage is necessary to protect you from things you may not know about that you could be liable for as a business owner. Having this kind of insurance can help keep you from losing everything you have worked for. No matter how many employees you may have you should at least have the basic minimum amount of small business insurance. Having this kind of insurance should not be considered a luxury. It is a very real necessity for anyone that owns a small business. Even if your business is a part time business, you should have adequate insurance coverage for the protection of your assets and financial well being.
There are three different types of small business insurance coverage that are needed. These are general liability insurance, property insurance and worker’s compensation insurance. Property insurance will protect the building that you house your business in. It covers such things as fire hazards and flood and other such calamities. It will also cover vandalism and the loss of your physical assets in a fire and will cover damages incurred from theft. It will also cover such things as your office equipment, inventories and supplies as well as the building your business is in.
Liability insurance for small businesses refers to coverage for lawsuits and other legal matters where you may be held liable. For instance, if you have customers come into your business and they slip and fall, you can be sued. If they win the case your liability insurance will cover your legal obligation to pay them the settlement amount. Liability insurance also covers medical treatment, accommodations, therapy, consultations, nursing care, custodial care and rehabilitation costs if a customer is injured in your business establishment.
Workers compensation insurance is also another small business insurance that is necessary. It will pay the financial awards to your employees if and when they are injured or disabled because of job related occurrences.
When you shop for a small business insurance company you will be able to find one that will tailor the insurance policy that you buy through them to fit all of your needs. Small business insurance can be very affordable. Make sure you do some comparison shopping before purchasing your policy. If you know what kind of coverage you need it will make your decision a lot easier and you won’t get more coverage than you need. When you find a good small business insurance company offering you fair premiums, don’t forget to check to make sure the insurance company is stable. You can do this by going online and check the A.M. Best website or other such sites that rate insurance companies. You can also check the company out with the Better Business Bureau to see if any complaints are filed against them for non payment of claims.
It is always better to be safe now than sorry later on if something happens where you need your insurance company to back you up when buying an insurance policy. You can also locate a small business insurance broker to work with so that the exact needs your business has will be covered. A broker will know of several different insurance companies that will have the type of policy that you need. A small business insurance broker can also negotiate with each company to get a better rate for you. This is because the insurance companies will know that they are competing with other insurance companies for your business when you go through a broker.