GUIDE TO SMALL BUSINESS INSURANCE

Selecting an insurance policy requires more than comparing premiums

Guide to small business insurance concept with insurance agent handing life ring to a customer.

SOMETIMES YOU ARE LEGALLY REQUIRED TO CARRY BUSINESS INSURANCE

While these reasons demonstrate the benefits of owning insurance, your business may be required to own insurance by law or by the terms of your contracts. Depending on the size of your business, the industry in which it operates, and the state where you do business, you may be required to carry workers’ compensation insurance. Some states require businesses to purchase disability insurance for employees, and some states require professional liability insurance as a condition of licensing. In addition, various contracts you enter into might require that you own insurance. For example, if you rent or lease your business facility, the contract with your landlord may require that your business carry its own property insurance. The loan agreement may include an insurance requirement if you or your business borrowed money to finance buildings, equipment, or operations.

Insurance coverage is available for every conceivable risk your business might face. Below, you’ll find an overview of the four main categories of business insurance, as well as tips for evaluating a policy.

Guide to small business insurance concept of woman sitting on sofa and typing on laptop sitting on a short table.

DO YOU NEED INSURANCE IF YOU RUN A BUSINESS FROM HOME?

Many start-ups are based in the entrepreneur’s home. If you’re operating out of your home, don’t assume that your homeowners’ and automobile policies will cover your business risks. For a reasonable premium, your insurance carrier can add an endorsement to your homeowners’ policy or issue you a home office policy that offers a broad range of coverage for additional business risks. If you use your personal vehicle for business, ask your insurance agent if you need a commercial policy.

To learn more about business insurance, visit Insure U for Small Businesses. Sponsored by the National Association of Insurance Commissioners, the site provides important tips for evaluating and purchasing insurance for your business.

Guide to small business insurance concept of man and woman business owners standing outside the glass doors with an open sign.

HOW WE CAN HELP

As a small business owner, you take on many risks and requirements. We will work with you to defray and transfer the risks associated with your business. As your trusted financial professional, we will help you put together the appropriate mix of insurance products to ensure that you and your business are sufficiently protected.

This material has been provided for general informational purposes only and does not constitute tax or legal advice. Although we go to great lengths to ensure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.

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Securities offered through Commonwealth Financial Network ®, member FINRA/SIPC, a Registered Investment Advisor. Advisory services and financial planning offered through Global Wealth Advisors are separate and unrelated to Commonwealth.Fixed insurance products and services are separate from and not offered through Commonwealth Financial Network. Global Wealth Advisors does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.