What to Ask When Shopping for Small Business Insurance
Do you run a home-based business and want to insure it? Whether it is a part-time, full-time, or seasonal business, you need to find right small business insurance that meets your need. You do not want to put the business, which you have built from the scratches, at risk, right? With insurance, you can run your business with peace of mind since has a financial safety net.
How to Find the Right Small Business Insurance
Finding small business insurance may be challenging, since every business needs different coverage. For instance, a daily care business will need different coverage from home design business. So, when shopping around for insurance that fits your business, make sure to consider the following aspects:
- The type of business. Every business has its own risks. You need a plan that covers those risks.
- Business property. If you have expensive equipment and sensitive tools such as cameras, HD TVs, commercial printers, or computers, you need to find insurance that covers those tools
- Number of employees
- Use of cars for business operation
- Confidential information stored on your office equipment.
Those questions will influence the type of insurance that cover any possible risks. Of course, you also need to consider the most common risks.
Types of Small Business Insurance
The following are some common types of small business insurance to consider when shopping around:
- Property and Liability Insurance
This insurance commonly covers business property such as factory building, office building, and equipment from the potential risks, such as theft or fire. For home-based business, you may choose to add it to the existing homeowner policy. Alternatively, you can have it as a stand-alone plan
- Business vehicle insurance. This covers risks related to the use of cars for business purpose, not for personal purpose.
- Worker compensation insurance. If you have high-risk business, you need to buy an insurance policy that covers the workers in case of hurt or accident on the job.
An insurance agent can help you evaluate the right policy for small business insurance. Make sure the choice is based on the types of risks related to your business and the budget you have.