Elective and Required Types of Small Business Insurance
Along with purchasing property insurance and liability insurance (including errors and omissions insurance (E&O), employment practices, product liability, and/or other forms of liability insurance), you will pay unemployment insurance as mandated by law. In addition, you’ll pay disability insurance in accordance with state regulations.
The larger the business insurance grows, the more you’ll want to consider some type of health insurance to cover your employees’ medical costs and/or work-related injuries. Having a health plan in place will attract better, more qualified applicants. Generally, you pay for part of the total health insurance plan, and your employees contribute a portion as well.
This business insurance covers liability for injuries caused by use of the vehicles owned and operated by your company, and provides additional coverage for the vehicles beyond that of property insurance. The more your business relies on vehicles for deliveries or for transporting goods, the more you can benefit from such insurance.
This is a life business insurance policy taken out on the owner of the business or the key person behind the business, in the event this individual dies. In a small business that is closely run by one person or a few key people, this type of insurance may be very worthwhile.
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