Can small businesses be insured?

[Holicent]

Small businesses can be insured, but it's a lot more complicated than it seems.
The first thing to consider is whether you want your insurance to cover you while you're in debt. This is called third-party liability insurance, and it protects the company itself against losses caused by its own employees or products.

You'll need to make sure that your business has enough room in its budget to afford this kind of coverage. You'll also need to know exactly how much coverage you'd need — and how much you could afford if you borrowed money to cover the cost of additional coverage.

If your business isn't currently insured at all, now might be a good time to get started. You can get quotes from several different companies and compare their rates before deciding which one is best for your small business. You should think about this before starting.

 

[Jasz]

Yes, it can. But it depends on the type of insurance you want. There are three types of insurance for small businesses: workers' compensation, general liability and commercial auto.

Workers' compensation. This is for employees who suffer injuries or illnesses on the job. It's not much coverage, but it's inexpensive and easy to get. You'll need to show that you've tried to prevent injuries from happening and that you know how to handle any claims.

General liability. This protects your business against lawsuits over accidents or injuries that happen off the job but happened at work or in your store or office space. You'll need to show that you have an effective safety program in place and are diligent about reporting any accidents so they can be investigated by your insurance company.

Commercial auto policies include liability coverage, which pays damages if someone gets hurt in an accident while driving your car or truck; comprehensive coverage, which pays for damage caused by fire or theft; collision coverage, which pays if someone gets into an accident while riding as a passenger; and uninsured motorist coverage, which pays for damages caused by uninsured drivers whose vehicles hit yours.