You Better Get Some Insurance.

Insurance isn’t the sexiest topic, but it’s a necessary consideration for small business. What kind of insurance you need will vary on your industry and individual circumstances, but here are some of the most common:

General liability: Protects your business from claims of bodily injury or property damage.

Professional liability: Also known as errors and omissions insurance, it helps cover claims related to mistakes in your professional services.

Business income coverage: Helps replace income if your business is interrupted by damage from things like fire, storms or theft.

Data Breach: If your company data is breached, this insurance can cover costs for credit monitoring services, notifying customers and clients, and public relations costs.

Commercial umbrella: This bridges the gap if costs exceed your policy limits. Employment practices liability: Protection from employment related claims such as discrimination, sexual harassment and wrongful termination.

Commercial property: Coverage for (owned or rented) building and the equipment inside. For example, it would provide replacement cost for computers and printers if they were stolen.

An insurance professional can ask you just the right questions to determine what kind of coverage is right for you without going overboard. It’s important to protect your income and assets so that all your hard work as an entrepreneur isn’t in jeopardy if the unthinkable happens.

Aspiring entrepreneurs: is insurance something you thought about when factoring the costs of starting a business, or are you facepalming right now? Current entrepreneurs: were you surprised about the kinds / amounts of insurance you needed as a startup? Let us know your experiences in the comments!