Owning a small business can easily become a stressful venture, but a solid insurance policy can alleviate some of the pressure. Many first-time business owners may not know what to look for in a policy, let alone accurately assess their own risk, but experienced insurance professionals can offer several different products to fit different needs and budgets. In order to find the best small business insurance, it can be helpful to understand a basic policy.
General liability can cover medical and legal expenses for injuries sustained on your property. This coverage can be important especially if you are deemed negligent, but make sure you’re aware of the policy limit. Property coverage can help protect your company building, stock and equipment against damage and theft, but again, be aware of your limits and deductibles. If damage occurs to your business, like during a fire, business interruption coverage can help with expenses accrued due to interrupted operation. This can help with lost income, but the limit for this coverage may also include a time period.
While these are the basic elements of a small business policy, you could have other serious risks. Look into additional coverage so that you can find the best small business insurance products for you.