Small Business Insurance

Insurance? We’re so small, we don’t need insurance. We almost have nothing to lose!

That’s what everybody says, and if they’re lucky, they’ll get by. But if they’re unlucky, any of a thousand unforeseen mishaps befall them. A flood where there hasn’t been a flood in ten years, an employee who steals from the till, a sudden outage on their web platform during the height of holiday sales, an accident involving the company delivery van. And these days it only takes one litigation claim against you to force you out of business and there goes your dream. A small business is a small rowboat afloat on the water. The first big wave that comes along can swamp it.

It is shocking how few small businesses have small business insurance. The number of small businesses starting up in the USA and UK grows every year, and they all will need a business plan. Part of that business plan is coverage for all those “what-ifs” you never thought of until they happen. Even though you run a small cottage industry, the law sees you in the same light as IBM and Ford. Don’t be cause trying to solve a corporate-sized problem with a household-sized strategy.

Insurance companies offer many special small business insurance packages and they will gladly tailor a business insurance package to suit your needs. Small business insurance is surprisingly affordable, once you find a package that’s the right size for you.

Here’s another article about small business health insurance.

The main categories of basic small business insurance package are public liability insurance and product liability insurance. If you consult onsite at another business or visit third party premises, it is often a requirement that you have public liability insurance. This usually provides coverage against injury to the public and loss or damage to property not owned by your company. Product liability will cover you against injury or damage caused by the supply of goods to someone else.

When researching small business insurance, you would be well-served to visit a free resource such as the local chamber of commerce, where you can find a wealth of information on employment laws, local companies who might need your services, and useful addresses. There is also the Federation of Small Businesses, which has local groups that meet regularly to discuss topics affecting the small business community. The remaining resources you can contact are usually very affordable, and will be happy to advise you in the many ways that small business insurance can protect your enterprise.

For further information relating to small business insurance and small business health insurance see these specialists