Small Business Insurance

Find An Agent To Work With

The first step is to find an insurance agent or agents who understand the small business owner’s needs, who can help you determine what insurance you need and don’t need for all aspects of your small business operations, including liability, property, workmans comp, theft and disaster. Every company offers differing plans so its best to shop around. A general agent who is a small business specialist can help shorten the process by offering summaries and comparisons of the various companies he represents.

Types Of Small Business Insurance

Property:

Property Insurance will cover you in the event of any damages sustained to your computers, desks, tables, chairs, and office equipment. If you make any improvements to the space you lease or own, be sure to let your insurance agent know so he/she can cover it under your policy.

Workmans Compensation:

Workmans comp Insurance protects employees who have sustained injuries while working on the job or at a job site, covering their basic living needs for a set period of time.

Liability:

Essentially this third party insurance covers accidents and events including fire damage and personal injury for your clients, vendors and anyone else who steps foot onto your property or in your facility, covering resulting emergency room treatments, hospitalizations and related medical expenses.

Health:

Health insurance covers your employees’ health needs: prescription drugs, doctor visits, examinations and tests, and emergency room treatments. Small businesses group health insurance spreads financial risk among all of its members, which means lower premiums and more complete coverage for all. You’ll have to choose between an HMO, PPO, POS, or fee-for-service health care insurance plans.

Employment Practices Liability Coverage:

This type of insurance has become more popular. It protects small business owners in case of sexual harassment, misconduct and wrongful termination lawsuits.

Umbrella Insurance:

This is extra insurance that many ignore, but can be a great help should you exceed the limits of your primary liability insurance. You can purchase close to one million dollars of umbrella insurance for as little as a few hundred dollars, depending upon the insurance company and policy terms.

Some Small Business Insurance Plans

Your business will have its own special needs depending upon the types of business you’re in. Choosing the right one will require plan and cost comparisons. Here’s a few Web sites to start.

1. The Hartford Small Business Center
2. TSBIC: The Small Business Insurance Center
3. Techinsurance
4. Safeco Insurance