Insurance for Small Business
Is there a need to insure our business even if it’s just a small one? The answer is Yes, The purpose of Insurance for SB is to transfer a risk that you can afford to cover a risk that you cannot afford. There are policies that are specifically designed to cover small businesses insurance that, in one package will cover most of your insurance needs. It is therefore necessary that aside from your lawyer and accountant, it may be beneficial for you to have an agent that will help you in bringing into the start-up process.
Insurance for SB is not only going to be important to you, but also to other business relationships. To sight an example, when renting an office space the owner will require you to provide a certificate of insurance as assurance that your business will not disappear overnight in the event a loss happens.
Risks that Insurance for SB covers:
Business Property Insurance- It should include a broad form of coverage to protect your business from a variety of losses, such as: Buildings, The things inside your rented office, and loss of income.
Liability Insurance- A CGL policy is designed to provide coverage to third parties for the following: Personal and Advertising Injury, Fire liability, Products and completed Operations, medical payments and General Liability for your premises.
Worker’s Compensation Program- This is a mandatory kind of program for your business. Some worker’s compensation insurers provide additional services such as risk management and loss control services that may be beneficial to your business operation.
Other Insurance such as: Auto coverage for company vehicle if you have one, Health Insurance; What-to-do, who-to-call and where-to-find it information to maintain your business’ consistency.
All of these should be covered by the Insurance for SB program.