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Insurance Tips for Small Business Owners

Updated on March 28, 2013

Insurance is not a hobby but a requirement!

Buying the right insurance for small business owners can take time to research, as business policies are multi-layered, involve several different types of policies and are expensive. Before selecting any type of small business insurance, be sure to research several options.

Here are other helpful tips for small business owners when considering insurance costs:

  • Business Property Insurance and Shopping Around. Property insurance is one of the most important types of insurance you can purchase as a small business owner. The law may not require it, but in cases of natural disasters, fires or other accidents, it will save your business. As dozens of options exist for property insurance, do careful research on each policy before making a decision. A good place to start with your research is with the National Federation of Independent Businesses, which provides you with all necessary information for each type of insurance. Adequate research will help you assess all the involved risks, as well as the extent and costs of your coverage before you make your purchase.
  • Business Owner’s Policy (BOP). Consider purchasing a BOP, which includes typical coverage options at premium costs as well as general liability, vehicles and unexpected business stoppages. In the long run, BOP may be a more efficient way to approach business insurance and save businesses money in the long-term.
  • Saving money on health insurance costs. Recently, Congress passed the Health Savings Account (HSA) Act for small businesses, which aims to help businesses reduce current healthcare costs without lowering the standard of healthcare given to your employees. Learn how HSA may help lower overall health insurance costs for your business.
  • Getting help from a licensed agent. Business insurance can be complicated and is expensive. Hire a commercial insurance broker who can walk you through all the policies that apply to your small business. Find a respected and reputable broker who is familiar with your line of business. If possible, try to get a reference from another small business owner or friend.
  • Annually access all your risks. Access your annual costs and liabilities each year. If you have a small business that is gradually growing, that means that you may be underinsured a year after you purchase business insurance. Contact your insurance agent or broker to discuss any changes in your policy and how business growth might change insurance coverage.


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