Small Business Planning

Small business insurance planning for both start ups and existing small businesses is important.

Once you’ve gone into business, protecting that business is not an option. Insuring your small business is a must to protect the assets of both the business and the owner.  Any business will be exposed to a variety of risks.  Two major areas of coverage needed are property and liability.  Both of these types of coverage and more are available as separate policies or combined in a business owner’s policy.

General liability insurance protects the business against a lawsuit for personal injury or property damage.  It will cover the cost of the lawsuit as well as damages.  No matter how much care is taken, a client can perceive your company did them wrong.  One lawsuit and award of damages can financially ruin any size business.  Every new and existing business needs to have general liability coverage in place.

Next is business property insurance which will cover buildings and contents, and some equipment.  Inventory and office furnishing for example will be covered.  This coverage will cover for damage from accidents, thefts or fire.  It’s important to note that certain property damage from natural disasters like flooding, hurricanes or earthquakes may need separate insurance.

It is important to work with your licensed insurance professional to determine what coverage is included and what risk may still exist. It’s important to understand that professional liability, or errors and omissions insurance is not included.  Talk to your licensed insurance professional to determine if you need E & O insurance.  Understand what is covered in your business insurance and what is not.

Talk to your insurance professional about combining these insurances if possible into a business owner’s policy, or BOP.

In addition, other coverage such as business interruption or crime insurance may be added to the business owner’s policy.  Varieties of specific options are available and depend on your business’s need.  Your agent will define these coverage options and what makes sense for your business.

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