Starting out with your own small business? You might be wondering if you need to purchase insurance. There are actually several different types, so here’s a breakdown to help you determine if you should purchase insurance and what you should get.
It tends to be a good idea for any small business to purchase business property insurance. If your business has any kind of dangerous property conditions, you could be basically setting yourself up for a future lawsuit. This type of insurance can help prevent that by protecting the physical location that your business owns or leases, as well as what you own (including tools, equipment, and inventory). Most of these property insurance plans will have you covered in the event of a natural disaster, fire, or theft so that you don’t have to worry about your small business going under during a crisis. There’s also business income insurance, which helps you replace lost income if you’re unable to do business during a covered event (like the ones previously mentioned).
You should also consider purchasing general liability insurance, which protects your business from any financial costs you might incur from property damage, bodily injury, or personal and advertising injury claims made against your small business. This type of liability insurance can provide coverage for customer injuries, damage to another person’s property, and possible lawsuits. Additionally, a general liability insurance plan can help pay for medical expenses and legal costs if your company is involved in a lawsuit.
There are also other plans available for small business owners (like worker’s compensation insurance and data breach insurance) that you might want to look into. To ensure that you’re making the best choices for your particular business needs, consult with your insurance agency to get the optimal coverage you’ll need to manage and grow your small business. You can even shop around at various agencies and get some quotes so that you can be sure you’re getting the best package at the best price. Just make sure your small business is covered with an insurance plan that will help you succeed today and in the future.
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