Every company, whether it is large or small needs to consider business insurance. This is important for the health of the business and for peace of mind. Usually this can be an all inclusive policy that covers every aspect of the business including the building where appropriate.

Covering a Business in the Home:
Most people think that if they have a business in their home their home insurance will cover their business. Unfortunately this is not true. A home owner’s policy will give you up to $2500 for business equipment but it will not cover anything else. Also, it will not cover you for liability or loss of income.

Coverage for Any Business:
There are basically eight types of insurance that you should be aware of for your business. These are:

Property/Casualty insurance — this policy usually covers damage at your specific location. It will pay for damage and the contents of the business. Check the policy though because it can be for a specific issue like a tornado or flood, but may not protect against fire, unless this is a part of the entire policy.

Liability insurance — this is basic protection in case someone sues your business for negligence. This is very important for professional services as well as other businesses that sell products.

Commercial auto insurance — this insurance covers vehicles that your business uses them in the course of doing regular business. This will cover for damages to your vehicles caused by you or others. Personal auto insurance will not cover your business vehicles.

Workers Compensation — if you have employees you will be required to carry workers compensation insurance in case someone is injured on the job. This protects the employer against being sued if the individual is hurt on the job and insures the injured employee compensation for certain situations.

Business Interruption Insurance — if the business is unable to operate for some reason, this policy will help you maintain your regular income until the business starts again.

Health Insurance — most businesses will need to offer some for of health insurance for themselves and their employees. Most employees will look for this type of insurance before taking a job.

Life and Disability Insurance — this insurance will protect the business in the event of the death of key employees.

What Business Insurance Does Not Cover — usually business insurance will not cover your own professional liability, auto or disability insurance. You will need to secure separate policies for each of these.

When you are looking for a policy it is a good idea to shop around. If you are a small company check with an insurance agent; the larger companies work with insurance brokers. The basic difference between the two is that the broker has more experience and more products that are geared towards the larger business.

You can generally find a good agent or broker through word of mouth at your Chamber of Commerce or other people in a business like yours. They will always tell you who the best people and may recommend the person with whom they work. You can interview several and see which work the best for your needs.