Does my small business really need insurance ?

you from the “inside.” For protection from lawsuits and losses from “outside” your company or partnership, business insurance can protect assets from lawsuits, replace lost income and pay for expensive equipment that may have been destroyed by fire, flood or stolen. The types of business insurance that companies often ask questions about include:General LiabilityWorkers CompensationProfessional Liability,Directors and OfficersErrors and OmissionsAutomobile accidentWhat kinds of insurance your company may need dependes on:what kind of company you operate;the number of employees;location;whether people come to your place of businesss or you go to them;the products/services you provide;any special dangers unique to your business.Before buying insurance for your business, you (and your partners) should review all the available coverages to be sure that your business is getting the insurance coverages necessary to protect yourself and your company. Also be sure to ask how many rate (price) increases the insurance company has had over the last 5 years. It may help you to compare prices and it may help you to predict future costs to your business. Lastly, if the insurance is not necessary, then do not pay for something you do not need. Many insurance agents are paid on commission. Buying several policies and getting a multi-policy discount from the same insurance company or agent may be another way to save money AND get the coverage you need. Bottom line: look at what you need to protect, what you need to replace to stay in business and compare the costs of the companies that can cover your losses.

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