The time is now | Think about the right business insurance

Many entrepreneurs know (or learn the hard way) that in order to start a business, they need three things: an idea, money, and protection. Small business insurance falls into the third category – protection – and helps business owners avoid losing everything they build with the first two.

When and what insurance should you get is an essential question for any business owner. The time comes when you’ve finally incorporated, have the product ready and are now ready to begin engaging customers, however protecting what you are building is just as important as growing.


Every day, business owners face a variety of risks that threaten their financial security, including:

  • The risk that the products or services they sell injure a client or cause financial loss, and prompt that client to sue the business
  • The risk that a client or supplier is injured on their premises and sues
  • The risk of property damage from fire, theft, storms, and other natural disasters
  • The risk that a supplier shuts down or becomes unable to ship essential products, forcing the business to close its doors

Knowing where to begin often seems daunting and time consuming.

A lot of small home-based business acknowledge the risks they are exposed to but wonder what is the right type (and amount) of business insurance they should get. Would some sort of business liability insurance, workers comp, be enough?  What do I typically need? and how might I “shop” for the best policy?

Well,  a good starting point is to know that you definitely need employers liability insurance if you have an employee 

You may need other insurance based on your need, do you invite people to your premises? If so then you will also need public liability insurance.

Finally, dig into Business Owners’ Package as it may be a good option for you.  It will include property as well as liability coverage.Basic homeowners’ policies exclude business property and may exclude business liability too if there is any foot traffic.  Sometimes you can get some business liability if you buy a true umbrella over your home.


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