Jane Castro is a journalist and media enthusiast. She graduated from the University of Bacolod in the Philippines. She loves skating, scuba diving, and archery on her free time.

Spending time to start-up a profitable small business and having the capital to allow it to flourish as it goes through the beginning stages is hard work. Making sure the advertising and marketing are reaching customers and planting seeds in the mind of clients is the main ingredient to success in business. Hiring the right employees to carry out and execute the work and give the new business a solid reputation is a priority. Every hour and dollar spent is painstaking and important to the business owner and success is critical to make sure that the business is practical and profitable for the long-term.

Everything is in place and the business begins to take shape, the business owner does not want to lose it all in the blink of an eye. The icing on the cake for a small business is acquiring the proper insurance coverage to protect the investment. Small business insurance is probably the most essential element of having a successful business. Insurance protects the business from any unforeseen happenings that could financially devastate the company.

There are many ways to procure proper insurance coverage. There are individual small insurance companies with qualified licensed agents that are waiting to help every business stay successful and protected. Looking for the best rate quotes and finding coverage that suits the individual needs of the business can become a tedious task. There are many places a business owner can look to find what they need. Creating a trusting and lasting relationship with an insurance agent will carry the business forward for many years. And for insurance agents and companies,  Start your business blog for your insurance company in order to improve the reach of your business and to develop it even more. Creating an online presence will also help you in improving your or your company’s credibility as well. 

Purchasing small business insurance requires knowledge of what different assets and liabilities will need coverage. Looking for a qualified insurance agent to guide the process is the number one step. Having a solid insurance plan and estimating potential losses is significant. Take time to analyze what the financial devastation of loss will be to the small business. Consider all these elements when looking to buy small business insurance. Look for a convenient place to shop quotes and get the best rates when buying insurance.

There are several types of risks to consider. If the business has employees workers compensation insurance will be mandatory. Two main types of insurance needed for a small business are business property and liability coverage. These two types of coverage will protect a small business from many risks that can occur.

Business Property Insurance

Property insurance covers a variety of losses that can occur. Coverage might include:

Buildings: If the business owner owns the building, then coverage for loss or damage to the property is crucial for protection. If the property is under the lease, the owner of the building should already have this coverage.

Personal Property: Coverage for damage or loss to property inside the building would be considered personal property. Items such as desks, tables, chairs, software, computer hardware, and business records fall under personal property.

Unforeseen natural occurrences such as earthquake or flood

Loss of income from a break down of equipment or other temporary reasons to close down the business.

Liability Insurance

Having Comprehensive General Liability insurance provides coverage for the small business in possible situations were something the business did or failed to do causes injury. Coverage might include:

Injury to a customer or client on the premises from a fall or accident.

Medical costs incurred due to injury other than employees.

Fire liability coverage is often mandatory if the building is under the lease. This coverage protects the small business owner in the case of negligent fire.

Malfunction in operations or damage to other people’s personal property

Advertising injury when advertising of goods or services harms another organization with slander or libel.

Make sure that the business has adequate insurance. Extremely low premiums might also mean low coverage. Ensure that a qualified agent helps to assist with the correct amount of coverage for the business’s needs. Be honest and upfront with the agent and do not hold back information that might be essential in creating the best policy for coverage.

Look for high deductibles to help reduce costs. Do not choose such a high deductible that it cannot be paid at the time of need. Considering comprehensive coverage is helpful overall. Reducing cost with discounts and applying several different types of insurance into one package can help the small business owner. Comprehensive coverage can include health insurance, auto, and life as well as property insurance and liability.

Check the individual insurance company’s financial strength. Ensure that the company that you are investing your money with is viable and of high quality. There are several publications that publish companies’ financial ratings.

Again, The number one start to finding the insurance needs for a small business will be a quality, well-informed insurance agent. A good agent can walk a business owner through all their needs and build a policy that will contain the proper amount of coverage for the business and apply a cost that is affordable.