As a small business owner, it is likely that you already own personal car insurance. In the United States, it is illegal to drive a car without at least a minimum amount of insurance coverage. However, you may not be aware of the reasons that you should also have commercial vehicle insurance for your business.
As a business owner, workers compensation insurance is something you need to be thinking about. If you own a business that employs 5 or more employees, it’s a requirement. But even if you have less than 5 employees, as your business grows, you will need to have a game plan for how to properly insure your workers.
If your run a business of any kind that involves providing a service to your clients or customers, then you may have heard of Errors and Omissions (E&O) Insurance. However, many business owners don’t have a solid understanding of what this type of insurance is and exactly what kind of coverage it provides.
If you are a business owner, it’s important to remember that accidents happen. Fire, falls, wrecks, sickness, and even death occur to individuals and businesses alike. Business insurance is a crucial part of your company’s overall financial health and stability. Regardless of how big or small your company may be, here are some things you should keep in mind when thinking about business insurance.