The Three Must Have Small Business Insurance

Even for a small enterprise, small business insurance is needed to protect not just your business but all the people in it including yourself. Insurance for the business whether big or small companies are necessary to cover the unforeseen events that a business may undergo. As you only have a small business there are general insurance types that adhere to your requirements without being robbed off of your hard earned money. With this insurance you make certain that whatever happens in a business everyone is assured that they are taken cared for. There are three types of basic insurance coverage that a small business must have.

Small Business Insurance: Property Insurance

Property insurance keeps the business area you have guarded with unfortunate events. The insurance applied in the property are fire, damage or loss of not just the office space but also include office equipment, office furniture and fixtures. It is important then that as a small business owner, you make an inventory of all your office machines, appliances, tables, chairs, etc. and know the replacement value of each so that when you ask for coverage the replacement value will be the basis for such insurance. In the event that there is a claim the value given to you will be enough to replace the said office materials, equipment or furniture.

Small Business Insurance: Workers’ Compensation Insurance

Whatever business there is, small, medium to big companies as long as there are employees working in it, everyone is entitled to an employee’s insurance. The purpose of this insurance is for medical and hospital bills incurred by the employee while on the job and also for the salaries that the employee receives while he is still recovering from whatever illness or injury he has. Except for Texas, all states are required to get workers’ compensation insurance for all employees in the exception of the business owner, volunteer and independent contractors. Although the kind of employees and the state you are in determine the amount of insurance and premiums to be paid.

Small Business Insurance: Liability Insurance

Aside from protecting your small business office space and everything in it and the employees working in it, the third insurance called liability insurance is for everyone doing business with you. This insurance is utilized in times of accidents resulting from negligence or unsafe conditions in your business premises. Liability insurance may be applied to employees, customers, visitors, vendors and other people who came to your business premises. This insurance also covers the mishaps that an employee gets another person into. With this insurance any lawsuits won or lost, settlements or judgments in behalf of your business will be covered arising from the accidents or mishaps caused by the carelessness in creating the office space or by any employee. You are ensured that your business has financial protection.
With these three general small business insurance coverage, you can do your business with confidence and belief that whatever occurs in your business even the unfortunate ones will all end up well.

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