All about business insurance.

Your business, small or big, profit or non-profit, should be insured. This is one thing that I learned when I was still helping my cousin manage a business. It was just a small business and when it was starting, the only insurance that we were able to secure was property insurance, specifically fire insurance, as it was a pre-requisite by the city or municipality before a permit can be issued to a business. A fire insurance policy only covered a fire loss to the location of the business whether it is owned, leased or rented. However, floods and other calamities that may also affect the business are not covered by this insurance.

We had that notion that since our business was just small; we really don’t need insurance for business. We thought that the money spent for insurance can be used in promotion and marketing. However, our experience in running the business for a couple of years thought us the value of insurance in business. It should actually be treated as an investment.

For one, worker’s compensation insurance is required in some places especially when you employ workers. It insures employees against on-the-job injuries. If your business exposes workers to hazards, then getting worker’s compensation insurance is a practical approach if you don’t want your employees to sue you or your business in case of on-the-job injuries.

Other insurance that you may want to invest upon are the liability insurance and the commercial auto insurance. It is highly recommended to get a commercial auto policy if you’re using vehicles in the operation of your business. It insures against damages to vehicles. Liability insurance policy protects your business in case your business is sued for negligence.

Deciding on what insurance to buy largely depends on the nature of your business. You should get your hands in all information about insurance and other options available. You can visit websites discussing in detail all the insurance coverage and policies that may apply in your business. You can also find websites that will provide information and quotes on business insurance on your area. California business insurance policies may differ than what they offer in New York so it is better to get a localized insurance resource. The important thing is you consider getting insurance for every operation and other risks that your business will likely faced.