What Is Needed for Small Businesses?

Just starting, growing and adding your first employees, or changing the operational structure of your business are just a few of the variables involved in what small business insurance your company needs.  Protecting the investment and minimizing risk of loss is crucial and necessary for your business.

There is no legal requirement to have small business insurance in place, however, landlords, financial institutions, and vendors may require proof be submitted.  While not required, it is the prudent and responsible way to operate your business.  It’s also a misconception to think being a corporation or LLC reduces or eliminates the need for insurance.

The first two types of small business insurance are general liability insurance and property insurance.  This type of insurance offers claims of damage and legal costs associated with claims of damage or negligence against your business. Property insurance covers a broad spectrum of loss to company property from fire, smoke, theft, and vandalism to name a few.

A word of caution if you are a home based business, it will still be necessary to add coverage as most home owner’s policies don’t cover business related losses.

If you are an employer, there are some other types of insurance which are required by law.  The first is workers compensation insurance. Coverage varies by state, as do the requirements, but a good rule of thumb is when you have your first employee, let your business insurance agent know.  Unemployment insurance is also required. Your state department of insurance can be a great resource.

A few states require disability insurance. Check with your state department of insurance and your agent to see if your state is one.

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There are many other types of business insurance available to you.  Talk to your agent to determine what options may cover your business needs.

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Workers' Comp
General Liability
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More..