As with health insurance and car insurance, small business insurance is hopefully something you never have to use. But when something unexpected happens, having business insurance can be the difference between your business’s continued success or failure.
Unfortunately, a lot of businesses aren’t covered. According to the SBA, 44% of small business owners have never purchased business insurance, even after operating for at least one year. By purchasing the right types of business insurance, you can protect your company’s assets against damage and legal claims.
Many small business owners give up on purchasing business insurance because of how confusing the process can be. Every business will need a slightly different insurance package depending on the size of the company, the location, and the industry – and the choices can be overwhelming, especially if you’ve just started your business.
In this guide, we’re going to give you the inside track on small business insurance, as we see it from over 30 years of experience – we’ll break down the different types of business insurance, how much they cost, and the purchasing process to find the best small business insurance coverage for you.
What is business insurance?
As an individual, you’ve likely dealt with insurance policies before – car insurance, renters insurance, health insurance, and more. Each of these different types of insurance, of course, helps protect you in the case of the unexpected, if you get in a car accident, of your apartment floods, etc.