Other Insurance Options

In addition to the major types of small business insurance, additional insurance options are available that may prove to be valuable. It is important for you to take stock of your business. What do you do during the course of business? Do you travel by vehicle? Do you have employees? Do you have a family who needs the provision of your income?

If you use a personal vehicle for business or if your business actually owns one or more vehicles, you may need to purchase a commercial automobile policy. A commercial automobile policy covers the same general risks as a personal policy. If your business vehicle is stolen or damaged in an accident or injures another party, the policy will pay for those claims. It will cover you and any employees who use the vehicles for business purposes.

Another option is buying non-owned auto insurance. This type of policy covers both you and your employees when using personal vehicles for business.

Do you work full time at your business? If so, then you may want to purchase health and life insurance. A life insurance policy will ensure a payout in the event of your death to predetermined beneficiaries. This is especially important if you have a family that is dependent on your income.

Obtaining health insurance for you, your family, and possibly your employees is also important. A wide variety of policies are available to cover doctor visits, laboratory work, hospitalization expenses, and more.

Disability insurance is an important benefit if you become injured or ill and are unable to work because the payments it provides helps to offset potential income loss.. These payments can help cover your expenses during the time you cannot work.

Small business owners can also purchase annuities through their insurance company. You can either pay the insurance company one lump sum or make periodic payments. In exchange, you would receive regular payments during a specific period of your life. Annuities are helpful in planning for your retirement.

If you have employees, you are required by law to purchase workers’ compensation insurance. This type of insurance covers the costs if an employee becomes injured or ill as a result of working at your business. Whether or not you are considered liable, workers’ compensation will pay the claims. If you have incorporated your business, then you will also be covered by workers’ compensation.

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