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Shopping for stylish office furniture is fun. Designing a clever business logo or a storefront neon sign is also fun. But purchasing business insurance is decidedly not one of the most exciting things you have to do when starting your small business. But like most eat-your-spinach tasks, getting the right insurance is vital.
It can also be tricky. Whether you're running your business from your bedroom or an office complex, business insurance can be complicated and expensive. It's important to approach insurance coverage comprehensively.
Business insurance falls under two basic categories: general liability and professional liability. General liability covers the nuts and bolts of every business -- fire and theft coverage, and "trip and fall" coverage in the event someone claims injury from, say, using your automatic stapler or tripping on your sidewalk. Professional liability is for businesses that offer advice or services. Medical malpractice insurance is a form of professional liability insurance.
But choosing an insurance policy goes beyond simply fitting your business into two categories. Every business must customize its insurance by consulting with an insurance provider, which can be a traditional insurance company or a financial services company. Also, be sure to hold on to all paperwork, even if you change policies down the road. Storing paperwork -- that's not fun either. But knowing your work and business assets are protected? Now that's fun.
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| · | Small Business Insurance |
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| · | Meet Bruce MacDougal, Executive Vice President of insurance brokerage Mazonson Inc. |
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