What Are the Most Serious Small Business Risk and Coverage Issues?

small business risk, compliance and insurance

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Here’s a rundown of the things to consider when it comes to buying your small business insurance policies:

1.  Property Coverage: Perhaps the most obvious reason to purchase small business insurance is to protect your tangible investment—

The property coverage in a business insurance policy can help protect the physical property of your business against certain causes (they vary and are specified in your policy). This coverage may protect the actual building in which your business is housed, as well as inventory, equipment, furnishings and other property you have there.

According to the Insurance Information Institute (III

2.  Liability Coverage: No matter how careful you are, you may find yourself in a variety of situations that could result in a lawsuit against your business, so it’s a good idea to be prepared

  • General liability coverage: This type of coverage protects you in case you are sued because of accidents, injuries or claims of negligence
  •  Product liability coverage: If your company manufactures or sells a product, this type of coverage may come in handy.
  • Professional liability coverage: Businesses that provide services often purchase this type of coverage, which protects against errors and negligence

3,  Coverage Relating to Employees: Depending on the number of employees you have, as well as other factors, there may be additional insurance considerations.

4.   Coverage for Business Vehicles: Just like your personal car, your business’ vehicle needs to be protected.

5.  Data Compromise Coverage

As you shop for a small business insurance policy, there are many things to think about.

If you run your business from home can you obtain business coverage?

This series ongoing series  handbook prepared by Marjorie Weber was prepared will also be part of the Miami Bayside Foundation to qualify small business owners for the Miami Bayside Foundation loan program.

Handbook series Small Business Start Up Part 1: Small Business Start Ups Making It Legal; Part 2: Small Business Start Up Capital Access Primer and Key Steps ; Part 3: Definitive Steps to Create the Optimal Small Business Growth Team Part 4: Once You Have the Dream Team, It’s About Employee Retention, Part 5: Delegating Responsibilities Policies and Procedures – Letting Go Part 6: Breaking Down the Set Up of Small Business Financial Records   Part 7: Three Best Bet Picks for Small Business Accounting Software  Part  8: To Lease or To Buy? Issues Relating To Both In Today’s Market part 1 Part 9 Decided on a Business Lease? 20 Lease Provisions Part 10  What Small Business Contracts Are Required and Who Reviews?

Related articles:

 Government Contracts for Hispanic Businesses

 Did Your Independent Vendor Meet Expectations?

When Is an Oral Contract a Legally Binding Agreement?

Can an Email Exchange Be an Enforceable Agreement?

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