The number of options for business insurance can be overwhelming. Every business owner needs to manage risk, and selecting insurance is among the easiest, and best, ways to do that. The right insurance protection helps your venture get off the ground and grow into a successful business. Buying insurance is a task you should consider before you officially launch the business. Property damage, theft or a customer lawsuit can be costly, so you need to be sure you are properly protected.
Several Types Of Business Insurance
The following is a list of insurance types, so you must decide which your business will need. All of these policies protect your company’s assets in the event of an incident.
- General liability insurance
- Commercial property insurance
- Business interruption income insurance
- Workers’ compensation insurance
- Unemployment Insurance
- Professional liability insurance
You need to decide if your business will have employees. If so, you will need workers compensation and unemployment insurance. Other things that determine the type of insurance you need is the location of the business and the type of industry you are in. Usually, general liability or a business owner’s policy covers property damage, bodily injury, and personal injury to yourself or a third party. If the business provides a service, professional liability insurance is a consideration. Business interruption insurance is a type of insurance that covers the loss of income that a business suffers after a disaster. The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster.
Buying business insurance can be a confusing process for anyone. If you need guidance on the best insurance products for your business, or simply need a better understanding of insurance terms and coverage, be sure and call an insurance agent.
Other Posts In This Series
- #1 How To Refine Your Ideas – Start A Small Business Series…
- #2 Write a Business Plan – Start A Small Business Series…
- #3 Assess Your Finances – Start A Small Business Series…
- #4 How To Choose The Best Legal Structure – Start A Small Business Series…
- #6 Purchasing The Correct Type of Business Insurance – Start A Small Business Series…
- #7 Build Your Team – Start A Small Business Series…
- #8 Choose Your Vendors – Start A Small Business Series…
- #9 Create A Marketing Plan – Start A Small Business Series…
- #10 Grow Your Business – Start A Small Business Series…
Contact Chanell (954) 803-0208 To Get Started!
—
About Chanell Solace Coaching
Startup Business Coaching
Building a startup business is hard work so please don’t do it alone. It’s hard because building a startup takes new skills, knowledge, and resources at every stage. We partner with you to help navigate you through this exciting journey. Our coaches and experts can guide you through the process with empathy and expertise.
> Learn More
Motivational Speaking
Chanell has a great story and many experiences that will help you in your journey. Chanell helps you be open to new ideas and inspires you to make a positive change. Chanell knows that making incremental changes to your mindset, lifestyle and everyday actions will change your life. It changed her life and she can help change yours.
> Learn More