Insurance Policies for the Small Business Owner

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While working for yourself and owning your own company can be an exciting endeavor, there are certain risks and concerns involved with it.

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If you’ve opened (or are thinking about opening) your own small business — congratulations! While working for yourself and owning your own company can be an exciting endeavor, there are certain risks and concerns involved with it. Just like you have health insurance and car insurance to protect yourself, your business requires various types of insurance to protect you and your assets. This list contains a handful of the types of insurance you may need, but keep in mind that each type of business varies. Depending on what services or goods you are providing, there may be other types of coverage that are essential for your business.
Disability Insurance
What happens if you’re injured or sick and can’t work? According to Mutual of Omaha, your chance of missing at least 90 days of work due to a disability are just under one in three. Disability insurance would help cover a portion of your income, usually between 45 and 65 percent while you’re unable to earn your typical pay check. Short-term disability generally has a lower premium than long-term coverage.
Property Insurance
Small business property insurance protects a wide variety of your belongings, regardless if you own or lease your building and even if you work at home. In most cases, small business property insurance covers your building, any inventory you have, your furniture, equipment you use, any outdoor signs and landscaping.
Liability Insurance
General Liability Insurance, also known as GL, is coverage that protects you from a variety of accidents that happen on-site, off-site and with your employees and customers. Some of these can include an injury occurring at your business, property damage or even lawsuits against opinions or recommendations provided. In some cases, general liability insurance is combined with property insurance.
Workers’ Compensation
In most states, Workers’ Compensation Insurance (also known as Workers’ Comp insurance) is mandatory for most businesses. This coverage helps pay a portion of the cost of any injuries an employee may receive while at work. This can include instances such as slipping on the floor, an injury from lifting something heavy or even injuries caused by a fire.
Business Owner’s Policy
This policy is a combination of the major property and liability coverages a small business owner would be interested in. This could include property insurance, liability insurance, vehicle coverage and protection against things like crime or flooding.
Regardless of the type of business you run, you’re going to want to cover you and your employees from any potential harm.

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