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Get insurance for small business: The ins and outs of protecting your company

Barja Asuransi | According to the Small Business Administration, nearly 18 million small businesses are currently operating in the United States. However, only 45 percent of these companies have insurance to protect their finances and workers’ compensation, which means that over 9 million small businesses aren’t adequately covered by insurance. Don’t be one of them! To get insurance for small business from AllState,

Get insurance for small business: The ins and outs of protecting your company
Get insurance for small business: The ins and outs of protecting your company

Getting Business Insurance 101

The idea that you need to protect yourself against a litany of possible disaster scenarios can make getting started with getting coverage difficult. But it doesn’t have to be, especially if you’re looking for basic protection at a low price. If that sounds like what you need, then you’re ready to get insurance for small business. While there are plenty of options on how to do that, keep in mind these five main types: liability, property and casualty (liability is part of PC), workers' compensation, commercial auto, general umbrella/excess liability.

What types of insurance do you need?

Different types of companies have different needs when it comes to insurance. However, there are some basic options that will suit any new startup: business liability, property, casualty/liability for vehicles and workers’ compensation. These coverages should provide enough protection to get you started. If you’re dealing with anything valuable, such as costly inventory or raw materials, consider adding extra protection in case a catastrophe strikes. 

Some common coverage options include content damage, equipment breakdown and additional living expenses (ALE). Make sure to discuss each option with an expert so you know exactly what you need. There’s no point in spending money on expensive policies if they don’t help your company grow—and none if they become a hindrance once sales begin rolling in.

Why Business Owners Need to Protect Themselves

Business owners face a bevy of risks that range from real estate leases to intellectual property infringement, as well as other unexpected liabilities. Since many are start-ups or still developing, they may have limited capital or few (if any) assets to fall back on in times of need. To mitigate their risk exposure, it’s important for new entrepreneurs to get insurance for small business; even if you can’t afford to purchase coverage all at once, most providers allow businesses to start paying after a certain period. Cover yourself and build that nest egg so you can work toward growth with confidence!

Finding the Right Policy

When you are getting insurance for small business you will have several different options to choose from. This is why it is essential that you know what each option is. For example, if you decide to go with a policy through an agent or broker there will be different policies available in terms of types as well as price. You will want to find one that not only meets all of your needs but also fits into your budget. Make sure that you do not purchase something outside of your budget because then it could cost more than it is worth in order to pay on time.

Deciding on a deductible amount

Choosing a deductible is an important part of getting insurance for small businesses. A deductible is basically an amount that you pay before an insurer begins paying out on certain expenses or claims (think medical, auto). It's meant to help reduce premiums, but it can also get expensive if you choose a high deductible. 

What should you do? Take into account that you should be able to comfortably afford to pay any deductibles in a given year before deciding how much it should be. Keep in mind that there are many other considerations when choosing health and liability policies, including whether or not your employees will be covered by your business's policy or by individual plans, what level of coverage you'll need, etc. And don't forget about additional features like identity theft protection!

Creating Your Ideal Insurance Plan

Insurance is a necessary component to having a business, but shopping around can feel complicated. There are various types of coverage, coverage limits and plans, so it’s easy to get lost in all those details. When you’re getting insurance for small business—whether it’s homeowners or commercial property insurance—it helps to know what kind of coverage you need, where to get it, how much to expect to pay, as well as pitfalls to watch out for. (After all, nothing kills a productive day at work quite like getting hit with unexpected fees.) For example...**some states require you have earthquake coverage if you live on a fault line!** If someone is hurt on your property but isn't an employee?

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