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The choice of business insurance options available today is nearly as vast and varied as the enterprises themselves. With so many options, it can be hard to know which policy is right for you. What Do You Do? Perhaps the most important question to ask when selecting among business insurance options is what will the work entail. Most providers will offer some general liability underwriting, covering the cost of legal judgments and other unforeseen events, but some policies can be tailored to an individual company. For example, if you manufacture goods, you might want to look into product liability coverage. If you provide professional services, you're probably interested in a professional liability package. Professionals almost always purchase malpractice policies, but an "errors and omissions" package can go further to cover negligence and other errors that arise in the course of providing service. If you're an employer, no matter what the industry, you are legally required to purchase coverage for your workers. In all states, employers must carry unemployment and disability policies for their employees. In certain states (including California and New York), companies are also required to pay for an employee disability plan. What Do You Have? You can also tailor your coverage around the property you wish to protect. Broadly, a provider can indemnify your property. It's no small investment to start an enterprise, and you may have more assets tied to your firm than you realize. A company's property can include not only the brick and mortar and movables, but it may also extend to lost income and interruption of trade. Many people running their business out of their home mistakenly assume that their homeowner's policy covers losses to their business, but it likely does not. Depending on your provider, they may be able to offer a rider for your home business assets, or you may need to purchase it from another company. What Do You Want to Pay and How Much Can You Risk? At the end of the day, business insurance is based on odds, just like gambling. When an insurance company accepts your premiums, they are betting that you won't be met with an unfortunate loss. Because the potential payouts can be so large, a policy underwriter has to win a lot more of those bets than they lose. As a consequence, the riskier the activity or more imperiled the property they are covering, the higher the premiums. Additionally, business insurance providers generally charge two costs. The premium is the price of the policy while the deductible is the price you pay to make a claim. The higher your deductible, the lower your premium will be, but that means that you may pay more in the event of a loss. Balance the prices between options and find the optimum risk of coverage to prevent misfortune from stopping your business.