Obtaining business insurance is an important part of owning a small business. As you will see below there are different options to choose from. Speaking to a reputable, professional insurance agent can answer any other questions you may have in regard to small business insurance.
What insurance do you need for a small business? At the very least, you should consider purchasing General Liability and what is called Business Property Insurance for the small business that you are considering. You also have the option of obtaining a BOP, which is a Small Business Owner’s Policy. By opting for the BOP you will get both options in a single policy. If you have employees, you will want to consider a Workers’ Compensation Insurance as it is mandatory in some states.
What is business insurance? It is protection for your business as well as your employees if you have any. It is always a good thing to consider obtaining, after all, your small business is your life’s dream and protecting it should be at the top of your list of considerations. Speak to your lender about it to get more information and find what is right for you.
How much is small business insurance per month? Just like car insurance, home insurance, and more it will depend on many different aspects such as location, revenue, employees, overhead, and finances. Be sure to research thoroughly to find what types of policies and prices are right for you.
What are the different types of business insurance? While there are several different types of business insurance, most of the time small businesses need the basics: General Liability and Commercial Property Insurance. Both can be obtained with a BOP as well as a Business Owner’s Property insurance that is included. Other types include Professional Liability, Data Breach Insurance, Commercial Umbrella Insurance and more. But if you start with the basics mentioned above, you can’t go wrong.
How much does insurance cost for a small business? Your average yearly cost of business insurance will depend on different factors and your different needs. Much of the time, the policy will cost less than $800, under $65 a month. The majority of small business owners will pay between $400 and $600 a year for their individual policies.
What insurance does an LLC need? For an LLC, General Liability Insurance is a must. Should your small business be composed of medical professionals, Malpractice Insurance would be something to obtain, even if your state doesn’t have a law for it. There are other types that should also be considered, be sure to ask your insurance agent.
How do I get insurance for my small business? The steps below will get you started on obtaining insurance for your small business.
Find a reputable agent that specializes in such insurance.
Set up an appointment with an agent to discuss what you need or do not need for your small business.
Explain what the purpose of your small business is such as its activities, and assets.
Explore all of your options before purchasing.
A business insurance package that covers all of your concerns would be ideal.
Does insurance cover flood damage? Commercial Property Insurance should cover damage to your property, be sure to inquire with your agent to be certain exactly what is covered. It may depend on the location of your small business also.