Insurance for Your Small Businesses
Are you an entrepreneur or a small business owner? You could be a videographer or own a banquet hall. Regardless if you’re an entrepreneur or a small business owner, you’ve invested a lot of time, money, and effort to build your business. Are you and your business protected? No matter the size or nature of your business, you’ll need to protect everything you’ve worked hard to achieve. Having insurance will ensure that your business is properly protected now and into the future.
Why do I need Business Insurance?
As an entrepreneur or a small business owner, your business may have many assets such as vehicles, inventory, office space and equipment, and most importantly yourself. You’ll need to have business insurance to protect these assets and your business from potential risks. For example, would you have sufficient cash on hand to deal with any business emergency?
Types of Insurance for Small Businesses
The type of insurance you’ll need for your business vary greatly. Therefore, it’s best to get advice from an insurance agent or broker who is familiar with your specific type of business. Here are the different types of insurance that may apply to your business:
1. Life Insurance
Life insurance will protect your family in the event that something happens to you. This type of insurance is important if your business is a sole proprietorship because you’ll be personally liable for all the debts of the business.
2. Disability Insurance
Disability insurance will provide you with income in the event you’re unable to work. A portion of your income will be replaced for a specific period of time if you have disability insurance. Disabilities include a major illness, personal injury, and a mental health problem that’s short term or long term.
3. Critical Illness Insurance
Critical illness insurance will provide you with a lump sum benefit in the event you’re diagnosed with a critical illness.
4. Property Insurance
Property insurance will cover the property and buildings owned by your business in the event of damage or destruction.
5. Contents Insurance
Content insurance will cover the assets that you store at your business. If you’re leasing a space, the owner may have property insurance. However, you’re responsible for your own contents insurance. If you’re business is out of your home, you’ll need separate contents insurance for your business assets.
6. Businesses Interruption Insurance
Business interruption insurance will cover your loss of earnings until you’re back in business in the event you need to shut down your business temporarily.
7. Vehicle Insurance
Vehicle insurance is to insure any vehicles that your business owns. If you use personal vehicles for business, you should advise your insurance company.
8. Liability Insurance
Liability insurance will protect your business in the event that your business is being sued. Mistakes happen and it can ultimately end up hurting your customers, your employees, and other people who are involved in your business.
9. Commercial Insurance
Commercial insurance is important for anyone who owns a small or medium sized business. Some of the types of businesses that need a commercial insurance policy are: retailers, mechanics, restaurants, barbershops, and professional services firms. You should speak to a commercial insurance broker so you can get the right commercial insurance policy for your business.
10. Accounts Receivable Insurance
You may have a client that doesn’t pay you because their bankrupt or refuses to pay. This can leave you in a difficult situations because you have to pay your employees and suppliers. However, accounts receivable insurance can help you when a client goes bankrupt or refuses to pay.
About Hotline Mortgages
With access to a vast network of over 300 lending institutions – including mortgage investment corporations, private lenders, major banks, credit unions, trusts and other national and regional lenders, I have the tools to build a customized mortgage plan, with the features and options that meet your needs.