Purchase Business Insurance
You’d be surprised how many new business owners forget to protect themselves and their business by purchasing insurance before they start their business. It doesn’t help you to buy insurance after you started your business and incurred claims against you or your business.
Here’s what you need to know about insurance for your new business.
Types of business insurance
Insurance can cover property damage, theft, intellectual property lawsuits, and other incidents. Those can be very costly to small businesses and you need to properly protect yourself and your new business.
And if you will employ people, you’ll need to have workers’ compensation and unemployment insurance. Coverage varies by location, and most general liability (GL) policies will cover at least workers’ compensation.
If you provide services, you’ll want to have professional liability insurance so that you’re protected against possible claims. Read below for descriptions of various types of business insurance and when you might need coverage.