Small Business Owner Insurance

Let's say one of your customers trips while browsing your place of business. Or maybe there is a claim that a shard of glass was in a jar of one of your salsa products.

Perhaps a woman comes forward claiming that her skin was inflamed by one of the face creams you sell. One of your senior employees actually launders money from you. You have to stop operations because your computer is infected with a virus.

All the above could be very costly unless you are covered by the correct insurance. Just how do I protect myself from such situations?

It's best to be proactive and take measures before a disaster even happens, and if one does you must have legal representation, but it's best to be prepared beforehand.

As a Small Business Owner Insurance is a Priority.

Make Sure Your Business is Incorporated.

If you browse over to bizstats.com you will find that nearly 75% of all businesses in the US are actually a sole proprietorship or a partnership.

For such organizations there is no legal separation before the company and the person who runs it, leaving the owner liable for everything. Legally, there is no separation between the owner’s assets and the businesses assets.

Being incorporated may even get you a better small business insurance rate.

The Legalities.

For a small business owner insurance is his responsibility but the owner is not responsible for corporation liabilities.

If your company goes into debt and is incorporated, you are not liable for the debts, provided you have acted in accordance with company policy.

There are other factors to consider, such as if you are taking out a loan to get a small business started they may wish to have collateral assets such as your home.

The price of starting a corporation can differ depending on just how big the corporation is and how much of the work you do yourself.

State filing fees can be anywhere from $100 to $500 total and some of the attorney fees can be between $500 and $1000 as well.

You can go online or to your Secretary of State to get the necessary incorporation forms.

Protect Everything!

So, go obtain some small business owner insurance, for every aspect of the business world there's an insurance policy to suit your requirements -

Small Business Liability Insurance – the basic insurance coverage that every business should have. It protects you & your business from personal injury claims, damage to company property, false or misleading advertising claims, etc.

Buildings & Contents Insurance - this is really a necessity if you own the property in which your business is located.

Business Car Insurance - running a business is stressful enough without the added burden of worrying about driving an uninsured business vehicle.

Income Payment Protection Insurance - who needs income payment protection insurance? While there are some people that really should have it, anyone can benefit.

Cheap Critical Illness Insurance - it's a valuable asset however the thought of adding the cost of another policy to the list may, at first, seem ridiculous.

Business Equipment Insurance - it's an integral ingredient of every small business owner insurance coverage and without it, an otherwise minor problem can turn into a financial disaster.

Others policies may include worker's compensation, criminal insurance, business interruption insurance, key personnel insurance, malpractice insurance, internet business insurance, the list goes on.

If you take the right steps to protect your business & chase up the best small business insurance rate, you'll be prepared when challenges arise.

Modern Net-Wit:

"Richard Nixon means never having to say you're sorry"

....................................................................Wilfred Sheed


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