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:
- The county or city clerk
- 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
-
Business Owner's Policy
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General Liability Insurance
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Property Insurance
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Professional Liability (Errors & Omissions) Insurance
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Commercial Automobile Insurance
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Umbrella Insurance
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Business Income/Extra Expense Insurance
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Product Liability Insurance
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Extra Equipment Insurance
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Specialized Equipment Insurance
Insurance for You and Your Employees
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Health Insurance
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Disability Insurance
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Life Insurance
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Keyman Insurance
-
Workers' Compensation Insurance
