Do I need Business Insurance?

Answer:
Whether you need business insurance or not depends

on the nature of your business, if you have employees, and how much liability exposure your business activities generate. For example, a self-employed artist who sells sculptures over the Internet will have fewer business insurance needs compared to a business person who employs a team of house painters.

The self-employed artist may need just enough insurance to cover computer equipment, tools of the trade, and loss of income while the painting company will have liability issues, worker’s compensation, bonds, state disability insurances, unemployment insurances, and other business insurance products.

When considering business insurance, you will need to take several issues under consideration including liability, property, employee related insurance, and business interruption. Larger businesses and corporations will need even more insurance. For example, they may want to protect the directors and officers from personal liability. If the company manufactures goods, product liability insurance is a must.

If you operate a home-based business, you may think your homeowners insurance will cover your losses. This could be a costly mistake. Many policies limit business related losses. Instead, consider adding a home business insurance endorsement to your policy.


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