Small business insurance: read this quick guide before you start

All businesses, even small ones, need some form of insurance. Generally, general liability insurance is a good place to start. If you’re involved in a business that requires you to talk to customers face-to-face, whether they visit you, or you visit, or have access to someone else’s equipment, then you probably need insurance. Even if you only represent a client’s business and don’t meet with them in person, there is always the possibility of a lawsuit of some kind. Small business and professional insurance are available.

How much will it cost you? The cost depends on factors such as where you are located, where you do business, the type of industry you are in, the size of your business, the limits/deductibles you select, etc. As the person responsible for a business, you need to ensure that it is properly protected against any potential risks and unexpected legal problems.

Some small business general liability insurance includes advertising protection. This is something you might need if you’re worried about copyright laws and possible libel charges.

What about the robbery? General liability insurance generally covers only third-party losses for which your organization may be partially responsible through negligence. If you’re worried about your property being stolen, look for a policy that includes that kind of protection.

Mandatory Small Business Insurance

You will likely need some form of insurance to operate legally. Depending on your state, there are some types of insurance that even small businesses are required to have. If your business operates vehicles, for example, you’ll need auto insurance. In some states, workers’ compensation is also required (if you have employees).

Even if your business is going to be primarily online, you may still need cybersecurity insurance. Small businesses are victims of data breaches all the time. A single security problem can cost you a lot of money. Imagine what would happen if all of your customer’s personal data was stolen.

Make sure you understand the true ramifications of all policy terms and limits before deciding whether or not it’s right for you. Insurance policies can be a bit complicated, especially if there are industry-specific terms that need to be understood. Read each of the policy’s endorsements and exclusions and make sure you understand all the details.

Find affordable small business insurance at Hiscox Business Insurance. It is very affordable, but complete. No matter what type of industry you’re involved in, Hiscox likely has an insurance plan tailored to that industry.

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