Protecting Your Small Business: 3 Insurance Options to Consider

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Small businesses are booming. According to the Small Business Administration, small businesses make up 99.7 percent of U.S. employer firms. What's more, small businesses continue to add more jobs to the economy than large businesses. If you are among these businesses owners, don't let your success get derailed by failing to protect your business. Every small business owner should consider protecting business operations with the proper insurance coverage, including budding solo entrepreneurs and home-based business owners. Three options to consider include property, general, and professional liability insurance products.

Protecting Business Property

Your business property can be damaged, lost, or stolen. Business property insurance can save the day with coverage for not only your business structure, but items such as office furniture, important files, computer equipment, and any stock or inventory. Consider insuring all items important to continuity of business operations. In particular, home-based businesses, including online sellers with inventory stored in their homes, should investigate coverage outside of a home insurance policy because business risks are generally not covered.

General Liability Insurance Coverage

Litigation is alive and well. Your business can be sued by unhappy clients, visitors, or even employees based on the perception of flawed products, poor service, or unsafe conditions. General liability insurance can pay for damages if you are found liable. Policy payouts can cover other expenses as well, such as legal fees and the injured party's medical bills. A general liability insurance policy can also cover claims of slander or false advertising.

Protecting Your Profession

If you are in a service business that involves giving advice, being a professional caregiver, producing product designs, or other notable services, you can be sued by customers or patients who believe you or your business failed to deliver properly on services promised. Errors and omissions or professional liability insurance can help you protect your professional services. This type of policy provides payment of judgments against your business if found liable. Payments are limited to maximum policy coverage.

Getting Insurance Help

Ready to protect your small business? Starting places include an insurance agent you already know, the Better Business Bureau, InsureuOnline, or the National Association of Insurance Commissioners. Your goal is to find the optimum coverage for your business at the best possible price, so due diligence is important. Check out several different insurance products for small commercial entities like yours. Some insurers offer coverage for major property and liability risks in one policy. Others may offer policies to address only specific risks. It may be time-consuming and complex to figure out your particular need, but protecting your business is worthwhile.

Deb D
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Deb D is an accomplished writer with over 20 years of experience in preparing written communications for business, manufacturing, government and academic organizations. She has served in technical, consulting, training and management roles during her career and uses this experience to add unique insight and perspective to every assignment. Her writing specialties cover topics in careers, training, workforce development, business communications, procedures, product specifications and web content. She has written hundreds of articles for various clients since becoming a freelance writer.
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