Searching For Insurance

Daniel MoayandaDaniel Moayanda Lagos, NigeriaPosts: 17subscriber Bronze Level Member


An important means of small business protection is available in the form of business insurance. Nothing can guarantee your small business will succeed, but the right insurance products can keep you from going out of business as a result of a catastrophic loss that was beyond your control.

Small business insurance can be complicated, especially to a new business owner. Insurance is a topic with its own language that might be foreign to you. Before considering your options, here are a few small business insurance questions you need to find out the answers to in order to better understand the industry.


There are several types of insurance you may need to cover the various types of liability your business faces. The primary types of insurance business owners use include:

Liability insurance — covers you in the event someone sues you for negligence

Property and casualty insurance — covers your physical property in case of fire, theft or flood

Workers’ compensation insurance — this mandatory form covers injured employees

Commercial auto insurance — this coverage is necessary for any vehicles used in the course of doing business

Business interruption insurance — covers cash flow and profit losses during periods when you are unable to operate your business

Product liability insurance — covers you for damages caused by your product

Health insurance — pays a portion of the medical services required by your employees and yourself

Life and disability insurance — pays out for your business in the event of the death or disability of the owner, partner or key employee

Knowing what type of insurance you might need will make it easier to find the right coverage for your small business.

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