As a small business, you want to make sure that you have the right insurance coverage in place to protect your business and investment. You also want to make to make sure that your insurance is an affordable business expense.
1. Know What Type of Coverage You Need
The first thing that you need to do is research and find out what type of coverage you need.
A small restaurant business that is serving alcohol is going to have very different insurance needs compared to a small business that fixed computers. The restaurant is going to want to carry a liquor license insurance policy and a polity that will help them replace their food if it every spoils. A small business that fixes computers is going to want to carry policies that protect them from sharing data and from more virtual claims.
Do not assume that all small businesses have the same insurance needs. Talk to others with very similar set-ups to find out what type of business insurance coverage they have. Many small businesses have very specific insurance needs that you want to make sure that you cover.
2. Understand What Insurance You Need for Your Employees
If you are employing more than yourself with your small business, there are certain types of insurance that you will be legally required to carry. In most states, you are required to carry worker's compensation, disability insurance as well as unemployment insurance. You are going to want to make sure that your insurance policies are sized for your business.
If you only have five employees, make sure that you have smaller policies and if you have 20 employees, make sure that your policies cover that number of employees. You can adjust your coverage as your business grows, so if your business only employees five people right now, don't pay for insurance coverage for a team of 20 until you actually need it.
3. Work with a Licensed Agents
The good news is that you don't have to do all of this work on your own. Find an independent insurance agent to work with. An independent insurance agent is not tied to a particular insurance company and can help you shop around and find a company that will offer you the best rate for your particular insurance needs. An insurance agent can also go over your business set-up with you and help you determine and choose the type of policies that you need.
Before you start looking for insurance coverage for your small business, do a little research on your own into the type of coverage your business will need. Make sure that you also look into the legal insurance requirements that you have to meet. Then work with a licensed independent insurance company like Cache Valley Insurance Inc to find the best insurance provider for your policy needs.
