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Let's look at the basics:

In this day and age of corporate job layoffs, small business start-ups are on the rise.  Business insurance is part of the planning that goes into opening a start-up company.

It’s normal to have questions regarding the type of coverage your business requires.  Commercial business insurance covers a broad spectrum of protection that includes your property, you and your employees, and your liability. With a start-up, it’s possible as the owner you have personal assets on the line. 

As you begin to understand and put the pieces together, it is important to remember the ultimate goal is to make sure you are never underinsured or exposed in the event of an incident or disaster.  Let’s look at the basics of small business insurance.

Small business property insurance will cover losses to your building, and the property housed in it.  The computer and phone systems, furniture, finished goods, as well as carpeting, lighting fixtures, and supplies will be covered.  There are two options, either actual cash value, which is the purchase price less depreciation, or the replacement cost of the item.  Discuss these differences in more detail with your agent.

Business liability insurance must also be in place to protect the business and the owner against lawsuits.

A general liability insurance policy will cover most situations that may arise.  There are specific types of liability coverage for risks not covered within the general liability policy.  An example would be liquor liability insurance which is a separate coverage generally taken out by bars and restaurants. 

Ask your licensed insurance professional what else you should be looking at for specialized coverage.  In some cases, a business owner’s policy will combine these two insurance policies for a start-u business.  
Most businesses are required to have workers compensation insurance if they have employees.  This covers the employee from lost wages while protecting the business against being sued by the employee. Remember, even if you hire family members, they are considered employees. 

More specific information is available from the Department of Insurance and Financial Services.  Check with your licensed insurance necessary to help you figure out your options and get a quote for general liability insurance.

Let us help you find protection for your business and keep your mind at ease. At CommercialInsurance.Net, our goal is to get you an affordable commercial insurance quote. To get a competitive insurance quote it is fast and easy, enter your zip code  and click “Get Quote.” One of our specialists will contact you soon.

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