When starting and/or operating your own small business, there are going to be many details to which to attend. From the more tangible aspects such as office space and employee hiring to things such as licensing and permitting. There is also the issue of business insurance and what types, consequently, you're going to need. This can be a confusing subject and so we want to offer a brief overview of some of the more common types of small business insurance available.
First off, before shopping around for insurance, you want to gather basic business facts: the number of employees, industry type, vehicles (if any/) owned, and if you going to have a storefront. The answers to such questions will guide you in shopping for insurance.
Essentially all businesses are going to require some form of liability coverage. Liability covers are things such as property damage, third party injury, and other sorts of injury as well. General liability is considered the basic insurance policy for most businesses.
If you do have employees, you are required to get workers' comp. Let's say an employee has a work-related illness or accident, the workers' comp will help in terms of any wages lost as a result. The amount you pay will be determined by your industry and number of employees in total.
If your company owns any vehicles that are used by employees or otherwise for business purposes, you're also going to need a commercial auto policy. If there should be an accident, a vehicle is stolen or some other such event occurs about the vehicle, then that will be covered with a commercial auto policy.
Small Business Insurance
This is not a general liability—essentially, small business insurance protects against the business's basic needs, so things such as business property and business income for instance. You want to make sure you take stock of all assets in coming up with the terms for this type of policy.