.Insurance is one of the most important considerations of small business and home-based entrepreneurs, because lack of the right coverage can put you out of business overnight.
Think of this scenario: a client comes to your office to discuss his project. But as he was walking down your stairs, he tripped, fell and broke his shoulders. Are you prepared in the event that he sues you for hospitalization expenses? Is this kind of expense covered by your homeowner’s insurance, if you are running a home-based business?
And there’s one other problem: business insurance can be expensive.
According to Inc.com, following are the business insurance that you are most likely to need:
- Workers’ compensation insurance
- Property insurance
- General liability coverage
- Business owner’s policies, which combine property and general liability coverage
The government website Business.gov offers several tips for finding and buying business insurance:
- Assess your risks to help ensure that you can get protection for every aspect of your business
- Shop around, as the extent and costs of coverage vary from company to company.
- Consider purchasing a package called a business owners’ policy (BOP) to simplify the insurance buying process and save you money.
- Find a reputable, licensed commercial insurance agent
- Assess your insurance coverage on an annual basis, since as your business grows, so do your liabilities.
