Business Insurance 101: How You Can Protect Your Business.

Owning a small business is hard — and knowing what type of insurance to have for that business? Even harder. Having the right insurance will help your business in the long run, especially as you’re trying to help your business grow. Business insurance helps you cover costs associated with property damage and liability claims, and will prevent you from paying high out-of-pocket costs for damages and potential lawsuits. Essentially, business insurance will protect you financially in the event of a potentially devastating event. > But what kind of business insurance should you have? Every business is different, but the bottom line is you need business insurance in some way or another. There are many varieties of business insurance available, so there are certain things you need to ask yourself when considering what type of insurance to get. You need to consider: the type of work you do, what kind of physical property you have (if any), equipment, intellectual property, your employees, and your customers. What are the basic insurance needs for small businesses? Most businesses are required to have a Businessowners' Policy (BOP), which is specifically designed for small businesses. It includes business property and general liability coverages and offers broad coverage for a low premium. In a BOP, you can customize your specific coverage based on what you  need for your business. What happens if I don’t have insurance? When you don’t have insurance, you’re putting your business at risk of financial devastation. One accident could mean you end up paying thousands — if not more — out of pocket to cover the costs. This could result in closing the doors of your business for good.