What kind of insurance coverage does a small-business owner really need?
I don’t want to spend more than I have to on something I might never use. A: That’s the thing about insurance, isn’t it? But you definitely need it, even though you hope you won’t have to use it. Your financial well-being and even your business’s future can be at risk if you don’t have appropriate coverage. Although the type of coverage you need will vary depending on the kind of business you’re in and how it is structured, a small business typically needs liability, business continuity, property and automobile insurance. If you have employees, you will need workers’ compensation, and will want to provide health, disability and life insurance for them. General liability insurance protects you in case something happens in your business or on your property that could harm others or their property. Umbrella liability can fill gaps not covered by other insurance, particularly if your business exposes you to a lot of risk. Business continuity insurance covers expenses and compensates you fo
