Why you would need it:
Small business insurance may refer to a range of insurance policies. It’s an umbrella term that could include several important policies, such as:
General Liability Insurance
May provide protection in the event of bodily injury of property damage to a third party. Note: Your property will not be covered under this policy.
Professional Liability Insurance
Recommended for businesses that provide a service or advice to customers. Errors and omissions in service may lead to the service provider being held liable for damages.
Commercial Property Insurance
May cover damages to a business property you own and its contents. It is highly recommended for businesses that own expensive machinery and equipment, computers, and more.
Cost of Small Business Insurance
The cost of small business insurance may vary tremendously from one business to another. Generally, the smaller your business, the less you tend to pay. Factors such as your annual revenue, number of employees, and years of experience are used to determine your premium.
Having no previous experience in an industry is a factor that can make your insurance premium go up.
Just like with car or home insurance, previous claims can impact your business insurance cost.
Which small businesses need insurance?
Small businesses are exposed to risk and should have some form of small business insurance.
Popular small businesses that need insurance:
- Contractors
- Consultants
- Retail stores
- Architects and Engineers
Small Business Insurance for entrepreneurs
Running a small business is a ton of hard work and also a source of pride.
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