How Do You Get Insurance for a Small Business?
The first step in getting business insurance for a small business is determining what type of insurance you need for your business by assessing your risks. Common types of business insurance include general liability insurance, professional liability insurance, disaster insurance, and commercial property insurance. After deciding what insurance you need, search for insurance agents that can assist you in finding the right insurance at a good price. Don't decide on the first insurance policy you see, take your time and look at what is available in the market. Once you settle on one, don't necessarily stick with it. Whenever your insurance expires, reassess your insurance needs and what is available in the market.
What Is Directors and Officers (D&O) Liability Insurance?
Directors and officers (D&O) liability insurance is insurance that protects the directors and officers of a firm in the event they are sued. Directors and officers may be sued by outside parties, such as suppliers and customers, or by their employees. D&O insurance is meant to protect the personal assets of the directors and officers if they are sued.
The Bottom Line
If you run a business, then you should discuss your insurance needs in detail with a knowledgeable insurance agent or broker, and be completely candid in describing the business, so that whatever coverage you buy will be adequate.
Make sure you know what’s covered and what isn’t—and review your coverage periodically as your business evolves. Once you know exactly what kind of policy or policies you need, you can compare prices from different insurance companies and look for the best value.
Comments
Post a Comment