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Other types of business insurance you should consider

Besides the basics of property and liability insurance there are several other types of insurance you should consider if you are a small business owner.These insurances can protect you in various ways from the problems you may encounter in running your business.These insurances are: professional liability insurance, worker's compensation and employee insurance. Other types of business insurance that small businesses may want to consider buying are: business interruption insurance, business disability insurance, and key person insurance.

If you are a professional, such as a doctor, lawyer, architect, computer consultant, or realtor, you should consider carrying professional liability insurance. There are several types of professional liability insurance that range from malpractice insurance for those in the healing professions, through error and omissions insurance for business professionals. If you are in doubt about what kind of professional liability insurance you should be carrying, consult your professional organization. Keep in mind that in some areas, professional liability insurance is mandatory for certain types of professionals.

If you have employees, workers' compensation insurance may be mandatory. You should consult your local Department of Labor to see what the specifics are for your business in regards to carrying Workman's Compensation.You should also consult your insurance broker as to what coverage you carry through your business insurance as it applies to your employees.

You should also seriously consider providing employee insurance, even if you are only running a small business. It may be tempting to just ignore employee insurance, but smart business owners know that good employees are the key to the success of their business operation, and providing employee benefits such as medical, dental, and disability benefits, will not only help keep your employees healthy, but will help keep them contented and willing to continue working for you. You should think about how much money and time you would have to spend finding and training new employees, versus keeping the good employees you already have. At that point you may find that employee insurance is pretty reasonable. Many small business owners fear that they cannot offer employee insurance but there are employee benefit plans that are especially designed for small businesses with 1 to 49 employees, offer good flexibility, and you can select the benefits you want to provide.

Business interruptions insurance keeps cash coming in, in the event of some unforeseen natural disaster that could force you to suspend your business operations. Your small business could be the victim of floods, tornadoes or fires. Or, quite possibly on a more mundane level, your business could be the victim of vandalism or theft. Business interruption insurance will protect you from the loss of revenue that is incurred when you are forced to close down. There are calculators online that can help you figure out how much business interruptions insurance you may need.

If you are a business owner, you should also carry some kind of disability insurance. There are various kinds of disability insurance available that are tailored specifically to the needs of business owners. All of them will involve paying premiums now to cover your lost income if you become disabled or unable to carry on your business.

If your business is highly dependent upon the expertise or knowledge of particular people in your company, you should also consider Key Person insurance. This type of plan helps to compensate a business for financial losses that are due to the death or long term disability of a key person. The insurance also provides additional funds to the business until the key person can be replaced, or until he or she returns to work.

Being a successful business owner means being able to anticipate events and plan for the future. You will do best to shop around, just as you would for any product, to get the business insurance that's most suited to you.

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