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QUESTIONS ABOUT SMALL BUSINESS INSURANCE
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.
WHAT KIND OF INSURANCE DOES A SMALL BUSINESS NEED?
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.