Friday, June 13, 2014
Small
businesses play an important role in the U.S. economy as they help boost
employment rate and job growth. Pres. Obama even called them as “the backbone
of our economy and the cornerstone of our communities.” Some government agencies
have even rolled out programs to provide small business owners and their
employees the support they need. However, the owners themselves must also take action to
ensure their stability. How? Through insurance.
Now,
there are a lot of insurance packages on the market. How can business owners
know which one is best suited to their needs? Here are the common types of
insurance tailored for small businesses:
- General liability insurance. This insurance addresses potential
legal actions arising from accidents, injuries, and negligence claims.
- Product liability
insurance. This one, meanwhile, is best suited for product manufacturers to
protect them from financial losses in a defective product suit that also,
normally, arises when customers are harmed or sustain an injury.
- Professional liability
insurance. Service providers and professionals like lawyers and
accountants strongly benefit from this as it curtails the consequences of
malpractice, errors, and negligence.
- Commercial property
insurance. This insurance covers the loss or damage of business
properties.
- Home-based business
insurance. As homeowners’ insurance don’t cover businesses, this is
recommended for people with home-based businesses.
