Entrepreneur? Here’s what you need to know about small business insurance!

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Are you an entrepreneur? Congratulations. Opening your own shop is exciting, with lots of decisions and actions to take. In fact, it’s easy to forget that small business insurance is something you need to consider.

Small business insurance can be easily overlooked or put on the back burner when you are starting your own company. It’s another thing to think about, it’s not fun to manage and it costs money that you likely want to spend on other things.

However, skipping over  insurance can cost you big time, so it’s something you should take time to consider before you open your company. Here are some things you need to know.

Read on!

Why do I need small business insurance?

The bottom line is, if you are starting a company, you are taking a risk. And you want to do what you can to protect your assets, right? Right. That’s where  insurance comes in. Let’s face it. Things happen: Accidents, fires, theft. You need to have insurance in place so when life throws you curveballs, you are ready.

Types of Insurance

There are several different types of small business insurance and it is definitely not a one size fits all. There is general liability insurance, which protects you from several different types of claims like injuries, property damage and more. Then, there are business owner policies, which is property and liability insurance combined. Most small businesses opt for this kind of coverage.

And there is another type of insurance, called professional liability insurance. This is for people like lawyers, therapists, consultants and engineers who give advice to others as a part of their professional duties – and who can be at risk for being sued.

If you use vehicles in your business, you can also get protection (usually a separate policy is required) to protect against risks.

Crumrine Financial Services

At Crumrine Financial Services, we understand the needs of small business owners and we can help you get a custom package that suits your company – and your bottom line. If you need small business insurance, request a quote today!