Insurance 101 - Surefire Tips For Starting Your Business

Tricia Borren

March 28, 2014

	Not rated
	Rate:

When you want to run a business, you will need some insurance. Without this, you are one small issue away from losing your organization. Remember, in our litigious society, plenty of people exploit or otherwise try to take advantage of small business owners. For this reason, if you are wise, you should buy enough insurance for your company. At the same time, you must buy the right type of coverage. Here is a quick guide to do so with ease.

Errors and omissions

Now, if you offer a service such as Web design, content writing or accounting, you should consider errors and omissions insurance. With this, you can protect yourself in case of a mistake. Over time, most people will commit an error or two, and you will go a long way in saving yourself should you make one. Remember, some customers will demand the best and if you make one mistake, they will jump on you and try to make you pay a huge price. Luckily, with the right insurance, you can prevent a catastrophe.

General liability

Unless you run a one person company out of your house, you will want general liability insurance. With this, you can protect yourself in case of bodily injury at your place of work. Since people can fall or suffer an injury easily, this is a great policy to carry. You can also look into insuring other surprising accidents with captive insurance. Contact a captive insurance company manager for more details on what captive insurance can do for your business.

Commercial property insurance

If you have a commercial office building, you will want to have commercial property insurance. With this, you can protect your building and contents in the event of a fire, flood or other severe disaster. Since most people have thousands of dollars in equipment in their buildings, this is a must-have. Otherwise, you are one natural disaster away from losing your company. Simply put, if you are in business and have an office, you must have a commercial property policy.

Home-based business insurance

Now, if you are like a lot of people, you may run a home business. This is a great way to cut your costs and achieve profitability within months. However, there is one major downside. With a home-based company, you will want to make sure you protect yourself against disasters. Luckily, with a large policy, you can avoid problems related to running your operations from home.

With insurance, an entrepreneur can go a long way in protecting his or her interests. With so many options, you should have no trouble finding the right coverage for your situation.