When you start a small business you need to have insurance! But first, it's wise to shop around for the best rates and to ensure that you have a clear understanding of what needs to be covered. When shopping for insurance, you will need to know:
- The Nature of Your Small Business: There are some types of businesses that many insurance companies decline coverage. The good news is that there are small business insurance companies specializing in the hard to ensure areas, you just need to seek them out.
- Your Address and Building Specifications: When shopping for quotes, the agent will need to know if your business is run out of a home or a commercial location. If it is a commercial office:
- Do you own or lease?
- What is the square footage that you occupy?
- What is the square footage of the building?
- What is the age of the building?
- What types of tenants occupy the building?
- Chemical Storage: If you use chemicals in your small business, some carriers will want to know where the supplies are stored. If you are a mobile service and the chemicals are stored in a vehicle, you need to specify where the vehicle is parked.
- Business Type: Insurance agents will also ask you how many years you have been in business, your projected and current gross annual receipts, plus the number and type of employees.
- Business Vehicles: If you have service vehicles, you will need names, social security numbers and drivers license numbers for all employees who drive the vehicles.
Depending on the size and type of business, you may need:
- Health Insurance
- Disability Insurance
- Life Insurance
- Business Property Insurance
- General Liability Insurance
- Business Interruption Insurance
- Workers' Compensation
Do not think about small business insurance as an extra expense, but as a key part of your business operations, providing valuable protection that can save your small business down the road.
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