Posted by : Dan Levenson Monday, November 3, 2014
Insurance is something that small business owners definitely need, but sifting through the unfamiliar jargon can make anyone’s head spin. What do you need coverage for? Here are three, put simply:
Insure the Things You Own
First, you need coverage for your tangible property. This can be your physical store, the equipment you have, your inventory, and other things you use to run your business. In case of unfortunate events where these are damaged, your insurance can help you recover from the loss.
Insure the People Who Work for You
When you hire people to work for your business, you are assuming responsibility for them. Job-related injuries that may befall them, for example, are one of the things that need coverage.
Insure Against Unforeseen Events
You may be the most careful business owner on the planet, but you can never fully control the things that happen during your operation. Someone may get injured inside your business premises, your product can cause unintentional harm to its users, or someone may sue you for negligence. It’s always a wise move to be prepared for these scenarios.
These three are just some considerations you need to think about as you shop for the right insurance policy. Consulting with a professional insurance agent, however, is still the best way to understand and determine the right blend of protection you need as a small business owner.