What Type of Business Insurance Does Your Business Need?

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If you run a small business or home business, you may be overwhelmed by all of the different types of business insurance. You may have already considered health insurance for your small or home business. And we have already posted about the need for commercial car insurance vs. a personal auto insurance policy.


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Liability and Property Should Be ProtectedBut you may have overlooked other types of protection, or just put off a decision because you are not sure you can afford premiums. However, you can be taking a big chance. If you have already invested thousands of dollars for inventory, computers, and supplies, and are just starting out, the loss or theft of any of your assets could be a disaster.However, if you provide a service or a product, can you afford a lawsuit if somebody sues you over an injury on your property, or because of one of your products. Even if you are totally innocent, you will still need money to defend yourself, and in case you haven’t noticed, lawyers are expensive. A small premium for an affordable business owner’s policy, which combines liability and property insurance for business will seem like a great investment if you have any problems.Beyond these common types of business insurance plans, you may be required to carry workers compensation insurance if you have a few employees. Rules vary by state, so here is a list of Workers Compensation Rules By US State.
If you have the basics covered, your needs may be more specialized. Consider bonds to protect your business from employee fraud or an inablity to fulfill a contract. Director’s liability insurance protects your companies from stockholder claims of bad exectutive decisions. And of course, many professionals like doctors, lawyers, and even insurance agents, need to carry Errors and Ommissions Insurance. Sometimes this is called E&O or malpractice insurance.Why not use our fast and free online business insurance quote and information form?business insurance, business owners policy

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This entry was posted on Wednesday, February 6th, 2008 at 2:38 am and is filed under Commercial Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.