Starting your own venture is part of the American dream for many. In fact, small businesses of 500 personnel or fewer employ 50 percent of the American workforce. There are approximately 28 million of them in the US and they account for 65 percent of net job creation since 1995. If you're starting your own company, looking into business insurance should be at the top of your priority list.
Business insurance encompasses all the different types of coverage owners need to protect themselves from losses that could put them underwater financially. Even if you think you don't employ enough people to make the premiums worth the coverage, just remember that anyone can be sued. The smaller your company is, the more likely it is that you can be held personally liable for damages.
What do I need to have?
There are several different kinds of business insurance you'll want to have depending on what type of company you own. You'll want to think carefully about your risk and then shop accordingly. You may also want to talk to an agent for advice. Here's a rundown of the different types of coverage you'll want to consider.
Even if you have no employees:
Liability. Even if you're home based, you probably need this. Its purpose is to protect you in case someone sues you for negligence that cause bodily or property damage.
Property and Casualty. Even though these are really two different categories, they are often grouped together. Property covers the physical location and its contents (even if it's leased) against things like fire or earthquake. Casualty, on the other hand, covers the day-to-day operation if you're unable to function because of disasters like the ones listed above. Read over your policy to ensure that you're fully covered in case of disasters.
If you have employees:
Health. Not only is this a good thing to have for yourself, it can also help you attract the most qualified employees. While setting it up can be a little complicated, the increase in productivity for yourself and those who work for you could save you in the long run.
Worker's Compensation. If you have anyone on the payroll, you have to participate in worker's compensation programs. It's the law. Even if it wasn't, you'd probably want to participate to protect yourself from a lawsuit should any of your employees be injured on the job. This type of business insurance covers work related injuries, and because of these benefits, the employee gives up the right to sue you should an accident occur.
Starting your own outfit and being your own boss is something that many Americans dream of. However, the practical implementation of dreams can sometimes get complicated. You'll always want to make sure that you're protected, and business insurance is an important part of that protection.
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