Business Insurance

Small Business Insurance

Session 6 of 14

Insurance Coverage for Small Businesses Business property insurance Liability insurance Worker's compensation insurance Other insurance coverage Excess liability coverage Employment practices liability coverage Life insurance Suggested Activities Top Ten Do's and Don'ts Sound Byte Transcriptions Session 6 Business Plan Session 6 Quiz Session Feedback Insurance Coverage for Small Businesses The purpose of insurance is to transfer a risk that you can afford (i.e. the payment of a premium with no guarantee of its return) to cover a risk you cannot afford. For example, what homeowner does not insure his or her personal residence from damage by fire? Besides your attorney and accountant, another professional you will need to bring into the start-up process will be your insurance agent. It may be helpful to have one agent who can handle all of your insurance needs. There are policies available that are specifically designed to cover small businesses that, in one package, will cover most of your insurance needs.