What you Need to Know Before Buying Small Business Insurance

If you have a small business, you need to know about small business insurance. Maybe you have purchased protection, maybe you haven’t yet. Although every type of business has different types of risks or needs, there are some common considerations. Before you buy, here are four things you should know about small business insurance.

Business Insurance Protects You

No matter how smoothly you run your company, there’s always a chance that something can go wrong. The building could catch on fire, an employee could get hurt on the job, or a former or current client could decide to sue your business. While of course, you hope that doesn’t happen, unfortunately, there are no guarantees. Any kind of incident has the potential to be expensive for your company in the long run. If you have a quality insurance policy, it will protect your business assets and keep you from going broke.

You Don’t Need 5 Different Policies

Just because you feel like your business needs property insurance, product liability insurance, worker’s compensation insurance, and business liability insurance coverage doesn’t mean that you need to have separate policies for each. Many insurance companies offer “Business Owner Policies” that combine several different types of coverage into one convenient policy.

You Have Shopping Options

If you have a business, you can buy business insurance in a few different ways. You can do your own research (or just call a list of business insurance companies for quotes to compare), select a company, and then go through a select agent. You can also consult a broker, who works for multiple companies and can help you decide between multiple policies and business insurance companies to find the best fit. A simpler option? Hop on down to your local chamber of commerce and ask your pals with similar businesses for recommendations. Your peers can give you honest insight into each insurance policy’s strengths and weaknesses.

Review What Your Business Does or Does Not Do

Since you run your own business, your first inclination is to say, “Of course I know what my business does!” But can you really list everything your business does off the top of your head? When you’re deciding between insurance plans, you want to make sure that you don’t forget anything. You want to be sure that you have all of the coverage that you could need so that you are confident that you’re covered no matter what type of problem comes your way.

Featured Image: Depositphoto/ stevanovicigor

Posted on May 5, 2023