Starting and running a small business can be challenging, as there are many actions required to ensure that what you are doing is legal and sound. What would you do if there was an accident at your company or if a natural disaster destroyed your warehouse and the products and materials inside? What insurance does your small business need? SCORE mentors are available to assist you on your business journey – from how to develop a business plan to determining what types of insurance your small business needs.
Accidents and mistakes happen all the time. For a small business owner to be successful and stay in business after an event of this nature, small business insurance is an absolute must-have. But, what types of insurance do you need? At a minimum, all small businesses should have a general liability insurance policy. This type of insurance will cover you and your business for situations such as a customer falling and injuring herself or if a customer’s property is damaged while on your premises. If you are in a business that provides professional services, you may also want to consider professional liability insurance which insures you against errors or mistakes made during the normal operation of your business and have a negative or otherwise damaging effect on a customer, employee or vendor.
Other types of insurance you may consider for your small business include commercial auto insurance and worker’s compensation insurance, and you may even need to consider flood insurance, depending on the location of your business. Coastal area companies should consider flood insurance, as well as business income insurance to prevent losses of income due to unforeseen events like hurricanes that may temporarily close your business.
To save money on insurance costs, it is advisable to inquire about a small business owner’s insurance policy. This comprehensive insurance will put together the above-mentioned types of insurance and more into a package policy that is usually less expensive than individual policies and puts your coverage in one place for ease of management. Be sure to keep your business prepared for the future with small business insurance.
Business Essentials: Know Your Insurance Needs
Location: SCORE Office
Westland Office Park, Building M (at the rear)
5524 Bee Cave Road
Austin, TX, 78746
Date & Time: Wednesday, January 23, 2019 at 10:00 AM CST
Do you understand the two primary costs to insurance and why you, as a small business, need insurance? This workshop will include examples of what could happen to your small business if a claim is filed and your business is not properly insured.