What a small business may need

Every businessman no matter how big his business is knows that there are numerous risks his enterprise can face every day. And when the business is a small one, the impact these risk can deliver can be more harmful than for a large company. That’s why a smart small business should always think about how to minimize and cover these risks before they can harm the business.

In most cases, your business is not obliged to carry insurance by law unless you’re using a loan and it’s a condition you have to meet. Other circumstances that may induce the purchase of business insurance is having a commercial auto or employees working for you. Still, the fact that insurance is not required by the law doesn’t mean that there’s no risk of your enterprise facing different negative circumstances that may put it on halt.

Here are some of the most widely used types of small business insurance and a brief description of the purpose each carries. Don’t underestimate the risk you enterprise may face as there are countless business owners who have chosen to carry on without any insurance and failed. Don’t make part of that list, it’s in your own hands.

Business property insurance is used to protect your business’s most important assets. It’s a very smart form of investment and risk management that can help you minimize the losses arising from things like fires, earthquakes, riots or even production accidents.

Business disability insurance takes force when a disease or injury makes it impossible for you to perform the tasks connected to the business and will replace your income for the needed period.  For example you have a long recovery period after a surgery and are unable to do what you have to do. This is what disability insurance is all about and it’s especially important for businesses with hazardous production operations or risky activities involved.

Business liability insurance is highly useful for small business owners who put their personal assets at the base of their enterprise. When a small business faces liability and legal action it’s quite often that the business owner has to cover the costs with the value of own assets, which of course is not what you want to experience. Liability insurance will protect both your business and your belongings from such risks.

Errors and omissions insurance will be especially useful for businesses that are involved in production or provide services to customers. Errors and malfunctions will always come up no matter how hard you try to minimize them. And in a highly litigious society like the one we live in the consequences of such errors can be very harmful for the enterprise.

Some of you may think that insurance only brings additional costs to your enterprise. But even cheap small business insurance can save your company from serious financial turmoil when facing a serious risk. So invest your time in finding a good cheap small business insurance solution and get the coverage your business really needs.