Small Business Planning

Small business insurance planning for both start-ups and existing small businesses is a must.

Once you’ve gone into business, protecting that business is essential. Insuring your small business is a must to protect the assets of both the business and the owner and to provide protection against a variety of risks. Two major areas of coverage needed are property and liability.  Both of these types of coverage and more are available as separate policies or combined in a business owner’s policy.

General liability insurance protects the business against a lawsuit for personal injury or property damage.  It will cover the cost of the lawsuit as well as damages.  No matter how much care is taken, a client can perceive your company did them wrong.  One lawsuit and award of damages can financially ruin any size business.  That’s why it’s essential that every new and existing business needs to have general liability coverage in place.

Another type of insurance to consider is business property insurance, which will cover buildings and its contents, in addition to some equipment.  This coverage will cover for damage from accidents, thefts or fire.  It’s important to note that certain property damage from natural disasters like flooding, tornadoes or earthquakes may need separate insurance.

It is important to work with your licensed insurance broker to determine what coverage is included and what risk may still exist. It’s equally important to understand that professional liability, or errors and omissions insurance is not included.  Give us a call to determine if you need E & O insurance.  We can help you understand what is covered in your business insurance and what is not. We can also provide assistance when it comes to combining these insurances if possible into a business owner’s policy, or BOP.

In addition, other coverage such as business interruption or crime insurance may be added to the business owner’s policy.  Varieties of specific options are available and depend on your business’s need.  We can help define these coverage options and what makes sense for your business, so give us a call at 303-721-1145 today.