3. Business Owners Policy (BOP): This insurance policy combines business property and liability coverage. With this, you can protect your business against disasters such as fire, theft, and other similar events. In addition, BOP can help you get a customised insurance plan that fits your busine...
Individual life insurance plans are popular among small-business owners because they serve both a personal and business purpose, Salka says. You’ll want to buy enough coverage to manage your personal debts and living expenses for your family, especially if they rely solely on your business incom...
Different types of business insurance for small business owners Here are a few scenarios and recommendations for insurance coverage for different types of small businesses: Freelancer working from home: If you work from home as a graphic designer, mostly for agencies, you may still want to consid...
The article offers information on the need of small business owners to have insurance in the U.S. American economist Douglas Holtz-Eakin stresses that business owners do not consider the impact of estate-tax planning when they buy insurance coverage. Research conducted by Holtz-Eakin reveals that...
Cover your legal bases.Determine what types of insurance arelegally requiredfor your business. The federal government and individual states may have separate requirements, and business owners may have different needs based on whether they rent or own their physical workspace. ...
we first identified the companies in our small business insurance companies rating that offered this type of policy. We then evaluated professional review sources to determine which companies were recommended for their workers’ compensation insurance. Small business insurance companies with an Overall Rati...
Q. Generally, what types of insurance coverage do you discuss with small-business owners? A. I think life insurance and workers comp insurance are important. Businesses may not be required to have workers comp in place until they have a certain number of full-time employees, but a lot of ...
Business owners need business insurance. Most states require business owners to at least have general liability insurance. But you can’t just walk into an insurance agency and say, “I’d like one business insurance, please!” That’s because there are almost as many types of business insuran...
Product liability, vehicle insurance, and business interruption insurance are also types of commercial insurance. How Commercial Insurance Works Small business owners must carefully consider and evaluate their risks because they may have personalfinancial exposurein the event of a loss. Commercial insurance...
Understanding Business Liability Insurance Small business owners put their personal finances at risk in the event of a business-related lawsuit. Partnerships andsole proprietorshipsare particularly vulnerable to exorbitant expenses and are consequently in the greatest need of this type of insurance coverage...