Business Insurance – Basic Coverage Options to Protect Your Investment

Mevish Jaffer

Small Business General Liability Insurance

General liability coverage for small business insurance provides protection against both legitimate and fraudulent lawsuits that may be brought against your company. They can include risks resulting from situations such as bodily injury, personal injury, property damage or advertising injury. In addition to covering the costs for your damages, liability insurance coverage also pays for any legal fees you may incur. In terms of how much liability insurance you should purchase for your business, it’s best to buy as much coverage as you can afford. At the very least, it’s important to purchase enough liability insurance to cover the dollar amount value of your business.

When it comes to small business health insurance, group health insurance plans can be especially beneficial, particularly because health care costs are continuing to rise in the U.S. Small business group health insurance plans boast several advantages for individual members who are part of them. For example, they are able to pay less for the same type and amount of coverage and their rates are computed as a whole, in representation of the entire group. Some of the important factors that companies typically take into consideration for group health insurance plans include age and health condition.

Property coverage for small business insurance protects companies against the loss of physical assets, which can often result from hazards in the workplace such as fire, theft, accidents etc. Additionally, most property insurance policies cover the costs associated with repairing or even replacing furniture, miscellaneous office supplies and equipment, and in some cases, the office building as well.

Workers' Compensation Coverage

Workers’ compensation is one of the most common types of small business insurance coverage. This particular business insurance plan awards a certain amount of money to employees who are either injured or left disabled as a result of tending to their job related duties. It’s also important to note that workers’ compensation is mandated in most areas and is regulated by state laws.

The age old adage, “its better to be safe than sorry” holds true in many cases, including the purchase of business insurance. The bottom line is that running a business is challenging enough, so why take any additional risks that can only serve to make things harder? With small business insurance coverage, you can protect yourself, your business, and the hardworking employees who deserve the best insurance plans you can possibly provide them with.

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