Basics of Small Business Insurance

Today’s money tip will cover the basics of small business insurance. In our ‘litigation-happy’ society, making sure you are properly insured is crucial. Start with a general liability policy – this covers your business premises and the location from which you operate. So, if someone slips and falls on your property, you are protected. Workers compensation, mandatory for all businesses, will cover any workplace injuries. An employment practices liability policy takes this one step further and can protect you from any lawsuits filed for sexual harassment, discrimination and wrongful termination. Depending on the size of your staff and the type of business you are in, this may be a valuable form of protection. One of the best ways to provide additional protection is to purchase an umbrella policy. it not only adds additional coverage to your other policies, but it is one of the broadest and least expensive policies available. Every business is different, but the one thing that does not change is the importance of a thorough insurance package.

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