Business Insurance Basics

Large or small, a business needs insurance.  There are more than seven million small businesses in the U.S., ranging from construction firms to grocery stores to home-based businesses. All have one thing in common: Without the right insurance coverage, each could be wiped out by a disaster or a lawsuit. In addition, almost all businesses are accountable for the safety of their workers and are responsible for injuries suffered on the job.

Small Business Insurance Basics
There are four primary types of insurance that business owners should consider: Property insurance; liability insurance; business auto insurance; and workers' compensation.  To cover specific risks associated with a business, a variety of additional coverage may be added to the basic business policy. 

Understanding Commercial Liability Insurance
Along with property and workers compensation insurance, general liability insurance is a must have for most companies. Liability insurance protects the assets of a business when it is sued for alleged injury or property damage. Liability insurance can be purchased separately or as part of a Business Owners Package which bundles property and liability insurance into one policy.

Errors and Omissions Insurance
Errors and Omissions (E&O) insurance, also known as malpractice insurance or professional liability insurance, is a type of policy that protects professionals in the event they are accused of wrongdoing by their clients or customers.

Insuring Your Home Business
More than 24 million entrepreneurs operate businesses out of their homes. Whether a masseuse, an accountant, a baker or a computer consultant, each should consider the insurance needs of their home-based companies.  Many business owners mistakenly believe that their homeowner's policies cover the property and operations of their business, but that is not the case.

How To: Find An Agent, Save Money and File a Claim
Making a business successful depends on a company's ability in finding an agent, saving money and filing a claim. While business hope to never have to file a claim, having the insurance and understanding the policy will help to recover if a claim must be filed.

Let MIM lead you through the process of insuring and protecting your business from risk.  Contact Modern Insurance Marketing, Inc today!