Types of Insurance to Consider For Your Business
Besides the basics of property and liability insurance there are several other types of small business insurance you should consider if you are a business owner. These insurances can protect you in various ways from the problems you may encounter in running your business. These insurances are: professional liability insurance, worker’s compensation and employee insurance. Other types of business insurance that small businesses may want to consider buying are: business interruption insurance, business disability insurance, and key person insurance.
If you are a professional, such as a doctor, lawyer, architect, computer consultant, or realtor, you should consider carrying professional liability insurance. There are several types of professional liability insurance that range from malpractice insurance for those in the healing professions, through error and omissions insurance for business professionals. If you are in doubt about what kind of professional liability insurance you should be carrying, consult your professional organization. Keep in mind that in some areas, professional liability insurance is mandatory for certain types of professionals.
You should also seriously consider providing employee insurance, even if you are only running a small business. It may be tempting to just ignore employee insurance, but smart business owners know that good employees are the key to the success of their business operation, and providing employee benefits such as medical, dental, and disability benefits, will not only help keep your employees healthy, but will help keep them contented and willing to continue working for you. You should think about how much money and time you would have to spend finding and training new employees, versus keeping the good employees you already have. At that point you may find that employee insurance is pretty reasonable. Many small business owners fear that they cannot offer employee insurance but there are employee benefit plans that are especially designed for small businesses with 1 to 49 employees, offer good flexibility, and you can select the benefits you want to provide.
