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Business Insurance for the Small Business
by Gannon Pierpont
http://www.fproinsurance.com

If you're still in the planning stages of starting a new
business, you've probably enumerated all your expenses and
laid out all your needs in a business plan. In the
excitement of actually getting your business up and running,
it's too easy to plan for the best and forget to prepare for
the worst. A little insurance can go a long way to help your
business over crises and rough spots.

At the very least, according the the SBA, your business
should be insured against property damage, personal injury
and business losses due to catastrophic events.

Your most important coverage, and the one that will cost you
the most, is property insurance. A good property and
liability insurance policy will cover your business in case
of damages caused by events like fire and vandalism. It is
designed to allow you to rebuild your business in the event
that a natural catastrophe and certain other events damages
equipment and property vital to you business.

Automobile Insurance If your business owns one or more
vehicles, you'll need insurance coverage for them. In
addition, if you're a sole owner, or small business owner
and you use your car for business purposes, check with your
insurance agent about getting a business rider on your
personal auto insurance. In many cases, your personal auto
insurance won't cover you in an accident that happens while
you're driving your car for business purposes.

Specialty Insurance Depending on your business, you may need
special coverage for equipment or activities that are a part
of your business. In fact, many business insurance plans
will not cover computer equipment, and especially not data
on your computers in case of damage. It is possible to get
insurance that will even cover the cost of attempting to
restore data on a failed hard drive.

One type of insurance that many business owners don't
consider can save your business in the event that an event
of some sort causes you to close your doors to business
temporarily. Business Income Insurance is designed to help
you cover regular expenses that your business will still be
liable for - rent, utilities, insurance payments - even if
the doors are closed. The amount of coverage is based on
your anticipated expenses during the time that you're unable
to conduct business.

Your business insurance may be considerably cheaper if you
combine it all under one umbrella policy. Most insurance
companies offer comprehensive Business Owners' Policies
which include all the above coverage. Consult your insurance
agent to help you tailor a policy that takes all of the
special needs of your business into account.

Besides insurance that protects your company and its assets
in case of damage, most states also require that you carry
workers' compensation coverage if you employ others on your
premises, or to carry out tasks for your business as an
employee. Again, an insurance agent can help you decide
whether you need to carry workers' compensation for your
employees, but in general, unless those that work for you
are specifically employed as independent contractors or
consultants, they are considered your employees and you are
responsible for providing coverage for them.

You should also check your state's laws regarding health
insurance, not only for your workers but for yourself. Each
state has different laws regulating what insurance must be
provided for what size business, but in some states, it
works to your benefit if you are a self employed owner of a
business with one employee - yourself. In Maine and several
other states, certain insurance plans must be offered to you
at group rates even if you are the ONLY employee of your
business.

The needs of some businesses are complex enough that you
should consult an insurance agent who has experience in
insuring your type of business before. If you own a
restaurant or a retail store, an agent experienced in
writing insurance policies for those businesses can advise
you as to the best and most necessary coverage that you
should carry.

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