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Small business insurance for covering risks

It is wonderful that you have decided to open a new business, but have you considered small business insurance? Many new entrepreneurs are not aware of the risks they take on when opening a new business. You are responsible for the well-being of employees, theft, lawsuits, accidents and bear the burdens of natural disasters and fire. Discover how you can protect your small business from risks.

Small business insurance

Small business insurance is not legally required for operating a business unless you have employees, but it is truly a wise investment. You may not be able to afford to cover every possible scenario with insurance, but getting the basic insurance for public liability insurance, premises insurance, professional indemnity insurance and key man insurance relieves a lot of stress and may prove worthwhile financially.

Public liability insurance

Public liability insurance helps to protect your business financially. In the event a customer or person other than employees is injured or suffers property damage as a result of your business or employees.

Premises insurance

No business owner can predict the future or the likelihood of severe weather damage, perils or fire. Purchasing premises insurance helps to cover expenses incurred as a result of these types of conditions.

Professional indemnity insurance

Professional indemnity insurance may not be required for all types of business. However, if your business is in a position to give out legal advice or could get involved with misleading advertising or defamation cases, it may be worthwhile.

Key man insurance

Many small businesses often find they have one or two employees or partners that are indispensable to the business. If your business could not continue to run without these key people, you might consider purchasing key man insurance, which helps a company financially in the event of their death.

Signing up for small business insurance

More than one small business has opted not to purchase small business insurance and learned to regret it. Even if you feel insurance is not affordable, call an insurance agent. Take a few minutes to discuss your insurance options and see if the company can offer an affordable payment plan to cover basic risks.

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