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DO I NEED SPECIAL INSURANCE FOR MY BUSINESS?
The term business insurance encompasses the many different types of insurance available to protect businesses, business owners, and employees of businesses. As a new business owner it can be stressful to think about the additional costs involved in getting your business up and running. However, every business owner should have some basic types of business insurance. Obtaining insurance for your business is an investment that will help to protect your business and your livelihood in a number of different emergency circumstances.
What kind of insurance coverage do I need to have for my small business?
One, you may need business property insurance to cover your assets against various losses that result from natural and man-made causes. Check the policy to determine what assets and an event it covers, and purchase riders for any additional coverage you feel is necessary. You may want to cover any building you own and its contents (e.g., furniture, office equipment, inventory, and supplies). If you lease space, you may still want to purchase property insurance; your landlord's building insurance will not cover your business possessions. If you run your business from your home, you should consider purchasing separate business property insurance. In most cases, your homeowner’s policy does not cover the use of your home for business purposes.
Special insurance for the business
It is wise for any business to possess a general business insurance policy, which includes liability and other standard coverage. Your place of business, if you own it, should be insured; and if you rent, you still want to possess your own coverage. Don't rely on the landlord's insurance.
If you have one or more employees, there are three types of insurance that are mandated by law; social security, unemployment and worker's compensation insurance. Social security and unemployment plans are administered through payroll processing and workers compensation is arranged either through private insurance of employer self-insured coverage.