Insurance Tips for Starting a Small Business

This country is held together by companies like yours. Most people think that big businesses make most of the money in the United States, but they don't realise that small businesses hire a lot more people and make even more money than those big businesses. When you start your own business, there are many things you'll need to think about and include in your business plan. Your risk is lessened by having insurance. Small business insurance is one of the most important parts of your business plan. When looking at Business insurance packages, there are many types of insurance you'll want to look into. Let's look at the different insurance policies. Even though we will talk about insurance coverage for many different kinds of businesses, you might want to talk to an experienced insurance agent about how your business needs to be covered.

Commercial General Liability

This is the first kind of protection you'll want to think about, since it's on the list of necessary insurance policies you can buy. The following insurance policy protects your business against claims of both injuries to people and damage to property. This means that it protects your business from accidents that are your fault and covers it if someone gets hurt or something breaks and/or gets hurt. This policy is something that every business needs to have because it will cover many different types of claims. This policy protects your business against libel, slander, and slip-and-fall accidents. This type of coverage does protect you in a number of claim situations, but not all of them. Liquor liability, assault and battery, commercial property, workers' compensation, professional liability, and business auto insurance are not covered by a standard liability policy. This type of insurance policy only covers up to a certain limit. If you want to cover more than that, you will need an Excess Insurance Policy. An Umbrella Policy may also cover your Auto Liability and your Workers' Compensation coverage, which raises the limits of liability for both of those policies. When deciding how much Liability Insurance to get, you should think about how much you can afford to lose.

Small Business Property Insurance

Now you have an insurance policy that can protect both the building you own and the things inside it. In general, the following coverage plan covers the Building and/or its contents in case of a fire or other kind of accident. This insurance doesn't cover things that leave the property. For that, you'd need an Inland Marine insurance policy. An Inland Marine policy can cover anything from small tools to large construction tools or any other kind of property that would leave the business's location.

Small Business Auto Insurance

This coverage is car insurance for the cars you use for your business. Most of the time, a small business needs more car insurance coverage than you would need for your own car. The liability limits on your small business auto insurance policy would be higher, but the insurance limits are relative. You're usually looking at liability insurance along with Medical Payments, Uninsured Motorists coverage, Comprehensive, Collision, Towing, and Rental Coverage. Hired & Non-Owned Auto Liability is something you need if you ever rent a car or send a staff member on an errand in their own car. If your LLC or Corporation owns the car, you should make sure it is covered by a Commercial Auto Insurance policy.

Workers Compensation

This insurance coverage, which is also called "Employers Liability," protects the employees and can pay for claims if one of them gets hurt on the job. Again, this is a very important coverage because medical care is so expensive. If you don't have insurance, you're your own insurance company, and you'll have to pay for any medical bills or lawsuits. This insurance doesn't cover claims of discrimination or sexual harassment. For that, you'd need Employment Practices Liability Insurance.