There is a lot to set up when starting a new business and business insurance is just one of those many things. For those who don’t know a lot about it, making the choice probably seems pretty easy. Choose the insurance that best covers the things you need covered, right? Nope! It turns out, there are at least nine different types of insurance you have to worry about if you’re a small business owner. Here are a few:
- Property insurance. This type of insurance is fairly self-explanatory. Depending on the coverage you get, this type of insurance will cover damages or losses to your company’s business location.
- Product liability insurance. Product liability protects against financial losses that result from product defects.
- Liability insurance. This is perhaps the most important type of insurance and you can read more about it here.
- Workers compensation. You must insure employees for injuries obtained on the job.
- Commerical auto insurance. Your normal auto insurance will not cover vehicles used for business. Commercial auto insurance is necessary in that case.
- Health insurance. To remain competitive, most businesses should offer health insurance to their employees.
To learn more about the different types of insurance coverage, read this Microsoft business article.
To determine if your company is properly insured, contact the Winflow Financial Group.
At Winflow Financial Group, our consultants help entrepreneurs with our experience. Tell us about your business or investment today and find out how we can help your business save money and grow.