Small business insurance provides the foundation on which you can build your business. But it’s a complicated issue, there are so many different types of insurances available, it’s difficult to know where to start. To figure out exactly what small business insurances you need, you need to look at what needs protecting in your business.

1. Protect Your Income

If you’re not making money, you can’t finance the business. There are two major risks to small business income, business interruption and, in the case of a sole trader, accident/illness.

A disaster or long-term illness could put an end to your business before it’s even started. Depending on your circumstances you need to implement policies to cover one or both.

2. Protect Your Assets

After your income, the next most important things in your business are your physical assets. You need to ensure you have adequate protection for your buildings and vehicles. Property insurance is particularly important, because it involves so much more than the buildings themselves. You need to protect office equipment, inventory or other property kept at your location.

Commercial vehicle coverage is often overlooked in small business insurance. Small companies can’t afford company vehicles so they don’t think about the insurance. However, if your employees use their own vehicles to do company business, you will need some liability coverage.

3. Protect Yourself and Your Business

Which brings us to the most important type of small business insurance, liability. When you own a small business, you are open to a nearly infinite number of liability issues. You need to ensure you’re covered for personal injury, employment practices, errors & omissions and cyber liability to name just a few.

The best place to start with liability is to discuss your risks with an insurance agent. They will be able to assess the areas most at risk and find the most cost-effective small business insurance solution.

4. Consider A Business Owner’s Policy

You can simplify this whole process with a business owner’s policy, which is a package providing all of the vital small business insurances you require. Standard packages include business interruption, property, vehicle, and liability coverage, but they can be customized. But you should work with an insurance agent to make sure the package is providing value for money.

The important thing is to make sure you cover the areas mentioned here first. Then you can stop worrying about the foundations and start building.

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