This article will guide you on how to acquire insurance for your small business where ever you are.
Building up your own small business is the best and exciting, though it also comes with its challenges. Part of the setup includes making sure you’re adequately covered and this also Depends on the industry and type of business you front, there will be some differences in the coverage you need but here are some common insurance types for small businesses:
It is expected that every business should have property, commercial general liability, workers compensation and health / life / disability insurance.
Now this is optional depending on your needs or areas of specialization, most businesses should also consider having auto, cyber/privacy breach, crime / employee dishonesty, business interruption, and umbrella / excess liability.
Business Liability Errors
Many businesses also have professional liability / Errors & Omissions (E&O) / malpractice coverage (all names for the same thing), directors & officers liability (D&O), pollution, cargo / property in transit and contractors equipment.
If you have a specialist business, industry-specific insurance might be required, such as: aviation, control of well, rip & tear, garage, and numerous others
The best thing you can do while in the process of planning the setup of your business is to consult with an insurance broker. Your broker will be able to walk you through an insurance program and guide you in choosing the right coverages to match your needs.