Your business is important to you, and that is why it is crucial that you purchase a policy that will properly protect it, no matter the size.
The kinds and amount of business insurance that you need for your small business is based on a few factors. These factors are based on the questions such as, “What kind of business are you in?” “Where is your business located?” “Do you have employees?”
One of the best ways you can evaluate the needs of your insurance is to determine the size of your business. Here are a few things you need to know if you own a home or small business and want to find the proper insurance coverage to protect it from the everyday perils it must face.
Many successful businesses from Apple to Amazon, started right in their very own garage. A home-based business typically consists of zero, maybe one employee, and make relatively little revenue. But just because the business is located in your home, does not mean you get to skip out on business insurance. Homeowners insurance will not cover any injuries to your clients during a business-related visit, or any damage to your business property like printer or computer. Talk to your agent about insurance for your home business.
Do you happen to know all of your employees by name? Does your business make only a few million dollars every year? If you answered yes to both of those questions, you are likely operating a small business. A common definition of a small business is one that is independently owned and operated, is organized to be for-profit, and is not the dominant force in its field market.