Protect Yourself With Small Business Insurance

small-business-insuranceWhether you are looking to become your own boss, have more control over money earned and time, starting your own small business from home can definitely be done successfully. Having the right tools in place to ensure your business security and success can make all the difference. owner, Dave, started his concrete coating business from home and has grown over the years into a successful and busy company. One of the first things he did when starting his business was to acquire small business insurance and he can’t stress enough how important this seemingly small item is and the level of protection it offers not only you but your business as a whole as well.

What Is Small Business Insurance?

Small business insurance can be made up of different types of insurance such as:

General Liability Insurance, Business Property Insurance, Business Income Insurance. Combining different types of insurance can help you to customize the right amount and kind of insurance protection for your individual business. Small Business Insurance at the very minimum should protect the income your business generates, anything that may fall under your company property and liability claims that may be made against your business or services. While not all small business owners opt for all 3 insurance policy protections it is highly beneficial to consider all forms of coverage.

What Are The Differences Between The Insurance Policies?

Business Income Insurance- This type of insurance helps replace any lost wages due to limitations that keep you from being able to earn that income. For example, say your tools were stolen out of your work truck. If you are unable to complete a job or render your services to customers due to the loss of your tools the wages may be replaced because of your claim filed regarding your stolen tools.

Business Property Insurance- This type of insurance coverage helps protect those stolen tools that we mentioned above. It also helps to protect your physical business location should there be any damage done by fire, weather or vandalism to name a few.

General Liability Insurance- While it is a great idea to have all 3 policies in place for your business general liability is perhaps the most important. This type of insurance safeguards your business against liability claims made due to property damage, bodily injury, advertising injury claims made against your business.

Dave from New Look Kool Deck gives us a perfect example of how general liability insurance can really protect you. Being that he specializes in concrete coatings he does a lot of floor work and can often have hazardous areas that can be dangerous to customers and others if not marked correctly. Even with signs in place and safety precautions taken sometimes people just don’t pay attention. That being said when a customer’s aunt ignored the signs he posted in his work area she slipped and fell and broke her leg. She wanted to try to file a liability claim against Dave and his company to pay for medical bills and damage etc. Being that Dave had General Liability Insurance for his business he was covered should she be awarded any money through her claims.

Owning your own business offers great incentives like working from home, being in control of your own schedule, hours and money, however, it does come with its own headaches. Should you be thinking of starting your own home business it is best to look into all aspects of what being a small business owner entails. Making sure you have the right level of insurance as well as meet other important guidelines is not only detrimental to the success of your business but to protect yourself and other assets too.