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It
can be difficult to determine which kind of insurance you need for
your small business. Different types of insurance have confusingly
similar names; your state, town, or county may have its own
insurance requirements; and many industries have coverage specific
to them.
Insurance is one of the most neglected small business
responsibilities. Not having the appropriate insurance for your
small business is a mistake because a disaster can shut down your
company permanently, or at least wreak havoc on your assets.
The Insurance Information Institute (III) in New York City
estimates that about 40 percent of small business owners have no
insurance at all, because many falsely believe they can't afford
coverage. The truth is a small business can't afford not to have
adequate insurance. Without insurance, you're unnecessarily putting
your livelihood at risk. That's also why many landlords, suppliers,
and other entities you work with will probably require you to have
coverage.
If you're having difficulty determining which kind of insurance
your business should have, you might want to check with the
following agencies:
A local chapter of your industry association
The state insurance office
Below are some of the different types of insurance small
businesses use. Click on the type of insurance to get a more
detailed description.
Insurance for Your Business
General Liability Insurance
Property Insurance
Professional Liability (Errors & Omissions) Insurance
Commercial Automobile Insurance
Umbrella Insurance
Business Income/Extra Expense Insurance
Product Liability Insurance
Extra Equipment Insurance
Specialized Equipment Insurance
Insurance for You and Your Employees
Disability Insurance
Life Insurance
Keyman Insurance
Workers' Compensation Insurance
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