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Your small business may benefit from a business owner’s policy at a minimum, although other coverage can protect specific industry risks. While any policy will set you back at least a few hundred dollars per year, it could save your financial standing in the face of damage or a lawsuit.
Your business can face expensive costs for damage or pain and suffering if your managers or employees make errors. Every business faces risks of some kind. You should consider how to prepare so that damage doesn’t cause steep financial losses to the precious business you’ve built.
Risks your business faces:
Whether your employees are temporarily furloughed or not they’re technically still employees — you’ll still want protection for lawsuits, personal illnesses and injuries or damage to your business property.
The most common coverage for small businesses include the business owner’s policy, commercial car insurance and workers’ compensation. However, your small business could benefit from a variety of coverage, depending on your needs.
Most small businesses start with these types of policies:
As your business grows or accumulates assets, you might consider:
Your business may deal with different types of potential liabilities, no matter how big or small. Those liabilities can receive the following coverage:
If you own a home-based business or recently moved your business into your home, consider home-based business insurance to cover your business contents or business liabilities while working from home. There are a few ways to get this type of coverage:
The exact premium for your insurance policy depends a lot on the type of coverage you choose. For example, you might pay as low as $30 per month for general liability or $60 a month for a business owner’s policy. If you have a few employees, you might also need workers’ compensation for $150 to $200 per month.
Your premium will depend on a range of factors like:
With some careful planning and consulting, your business can find the right amount of coverage to suit its needs. Follow these steps to find that perfect amount:
Your small business might need basic types of coverage or specialized policies like professional or media liability if your work faces those risks. Once you’ve identified which coverage you need, you can look at business insurance providers with the features that best suit you.
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