As a small business owner, insurance can be confusing. You want to make sure you have adequate coverage without going overboard. What insurance policies should you consider?
General Liability Insurance
Every business, no matter how small, needs liability insurance. This is the bare minimum. It protects against damages caused to a person or property by your employees or your products and services.
Property insurance protects you against damage caused by fire, smoke, theft, vandalism, etc. If you own your building or any business personal property (office equipment, computers, inventory, etc.), property insurance is a must.
Business Owner’s Policy
A business owner policy bundles several policies together in one package. It includes things like property insurance, general liability insurance, vehicle coverage and business interruption insurance. You can alter what is included based on your company’s specific needs. This package deal is a great way to save money.
Business Interruption Insurance
This type of insurance protects you against lost earnings if your business goes through a period where it is unable to operate.
As a business owner, you need protection. At the most basic level, you should invest in general liability. The best offer for most small businesses is the business owner policy. You get the coverage you need at a discounted rate.