Insurance Basics for Small Business

February 03, 2022

Not having insurance is a risky business. It’s an expense that many business owners deem unnecessary, but adequate insurance coverage in times of loss is invaluable. As a small business owner, only you can decide what type of insurance coverage is best for your business. Take stock of the physical and personal property that is essential, and protect your assets with a policy that matches your business’s needs.

Fire, theft, and other emergencies cause costly interruptions to your business activity. Protect your physical business assets with a Business Owner’s Policy or Property Insurance. Additionally, you may want to consider Worker’s Compensation in case employees are injured on the job-check your state’s laws regarding this type of insurance.

All business owners should consider General Liability Insurance in the case of injury to a person or to someone’s property that occurs at your place of business. Entrepreneurs who work in the service sector should also consider Professional Liability Insurance to protect themselves financially against claims of negligence, errors, omissions, or wrongful acts in the performance of their duties.

All business owners should invest in Health and Disability Insurance-unforeseen medical expenses and cause a serious financial burden. Additionally, entrepreneurs with partnerships and businesses that rely on a key employee should consider purchasing Key Employee Insurance in case that employee becomes unable to work.

Whichever type of insurance coverage you choose, be sure that the policy includes all the coverage your business needs.

You can cut down on insurance expenses by avoiding duplicate coverage. Also, use due diligence in evaluating different policies from different insurance providers. It’s essential to read the policy and understand it fully before buying and signing any insurance agreement, as the insurance provider can deny claims if certain conditions are not met on the part of the policyholder.

If you need help with business insurance, contact Insurance of the Heartland. This insurance agency serves business owners throughout Custer County, NE. They offer various types of coverage for your company’s needs to ensure the property remains safe. Learn more about their products online, or call (308) 935-1537 to ask an agent about their specialty products.