When you own or operate a small business you have a lot on your plate. Starting out can be a very exciting and stressful time and in addition to all the details you have to keep in order to make the business run successfully you also need to ensure that your business and your employees are protected. Small business insurance is vital for protecting your business against certain risks and for allowing your business to grow. Before you open the doors on a new business venture, keep in mind some helpful tips that will make choosing the right insurance for your business easier.
Know Your Industry – Since you've decided to open your own business it stands to reason that you are pretty familiar with the industry you are in. Most small business owners started out working for larger companies and when the time was right decided to take their experience and stake their own claim. When you are ready to open up shop you should have a good idea of what risks are unique to your industry and how to protect your business. If you operate a trucking business then commercial vehicle insurance will be a top priority and if your business has visitors on a daily basis then general liability and commercial property insurance will be important. Know the risks that your particular business will face and how to protect you and your business against loss.
The Right Policies at the Right Price – Starting out in business can be a tight time when it comes to finances. Chances are you've taken out a sizable loan to help get started and for the first few months money will be scarce. This doesn't mean you should pass on business insurance to save a few dollars. Without liability insurance or worker's compensation you could endanger the future of your business and all it takes is one lawsuit to jeopardize what you've worked so hard for. Shopping around and finding the right business insurance coverage that protects what matters most at a price you can afford is crucial to getting your business off on the right foot.
Home-Based Businesses – If you will be operating a small business from your home then you need to know where your homeowner's policy ends. Many people make the mistake of thinking their homeowner's insurance covers their business too if it is located in the house. However, your homeowner policy will not cover liability and the damage to equipment used for your business. When running a business out of your home it is important to separate the home from the business and find the right coverage for each so you can run your business with the peace of mind that comes with a solid business insurance policy.
For more information on small business insurance in Connecticut, call: 1-866-479-3327
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