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Business Insurance Coverage You Need
by Gannon Pierpont
http://www.fproinsurance.com

If you own a small business, the Small Business
Administration has some advice for you regarding business
insurance. One of the most important investments you can
make when planning your budget is adequate insurance. If
you're just starting out and haven't yet planned for your
insurance needs, the SBA recommends that you carry the
following kinds of insurance the see you through bumps in
the business road.

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.

The types of insurance listed above can often be bought from
the same agent under an umbrella business policy. In most
cases, purchasing a Business Owners' Policy that includes
all the coverage that businesses need will be far less
expensive than purchasing each separately.

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.

If you're a home based business owner, it's very important
that you carry property and liability coverage specific to
your business, either separately or in a rider to your
homeowner's insurance. Very few homeowner policies will
cover damages to any equipment used in your business, or for
events that happened as a result of your business. In
addition, if your business is as a professional consultant
of any kind (accountant, insurance agent, lawyer, etc),
malpractice and liability insurance are absolute musts.

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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