Starting a small business is an exciting thing to do. New opportunities lie in front of you, and it’s all on you how you’ll develop the business and how fast you’ll grow. But as a new business owner, one thing is most oftenly skipped and that’s getting the right insurance.
Of course, you should speak with a law firm about the matter, but it doesn’t hurt to read about what type of insurance you will need in order to operate without worrying if an incident happens.
So, let’s go over the main types of insurances a small business needs in order to protect itself and operate smoothly from the get-go.
Kicking the list off, you’ll need liability insurance
General liability insurance will help you if an incident occurs and someone, or something, gets damaged in the process.
This will cover most bodily damage or property damage that is caused by your business. This means that if you own a cleaning company, and one of your cleaners damages the carpet during the cleaning process, your insurance will most likely cover the cost for you.
Or, if you have a coffee shop, and you or one of your employees get hurt during work hours, your insurance will most likely cover the medical bills.
Overall, liability insurance will come in handy on most occasions you need one. It’s important to know what exactly your insurance covers, as not everything is included.
Consider a small business insurance, as well
While a liability insurance covers both your business and clients, having a small business insurance may be a bit more suitable for you.
Small business insurance includes vehicle insurance, commercial umbrella insurance, and even flood insurance in some cases.
Think of insurance as a protective layer to your business, your employees and customers. Small business insurance can cover any damages that may occur to you or your employees.
Let’s say you get in a crash while commuting to work, here where a small business insurance can come in handy, as they usually cover this type of unfortunate event.
However, do your research and go through at least three or four offers and read carefully. You would want to choose the insurance that suits your business best, not the insurance that covers most widely everything that may or may not happen.
Or, consider opting out for a small business owner policy
But what is a small business owner policy?
It’s basically a packaged policy that is tailored to your business and allows you to protect your business against flood, lost income and a wide variety of liability claims.
Having the right insurance for your business can sometimes mean if your business survives or not. Especially in the starting stages of your enterprise, it’s important to plan properly, so make sure to consult with professionals on the matter.
So, what would be the perfect insurance for your business? Well, as we mentioned briefly above, choose a policy that best suits the needs of your business. If you think it’s near impossible to get a flood where your business is located, do you really need insurance to cover it? The short answer is no.