The feeling of pride you get from starting your own small business is beyond comparison. You dreamed about it for years, put in the hustle, and took a leap of faith leaving your job with a steady paycheck. Now that the day is fast approaching to hang up your shingle, feelings other than pride suddenly start washing over you. Confusion. Panic. The “What have I gotten myself into?” moments.
Take a deep breath and relax. Thousands of new small business owners have felt this way before you and thousands more will after you. We also hope it settles your nerves to know that Arnold Insurance is here to help clear some confusion, at least as it relates to insurance. Helping entrepreneurs find insurance coverage for small businesses is what we do.
What Types of Small Business Insurance do You Need?
Most new small businesses need at least four types of insurance before they start selling anything to customers. First up is property insurance. This one protects the building you own or rent and all the things inside it. From computers to inventory to your security system, Arnold Insurance can cover it. We will explain how to create a list of every business asset you own and include it on your insurance application.
Moving on, the next type of insurance coverage for small businesses you need is liability. Although you might think every customer is a super person who would never sue anyone, that is sadly not the case. Someone trips on your steps and breaks a leg? Claims a product you sold them blew up in their face? Both spell a potential lawsuit that could wipe out your business and personal assets. You don’t need that.
If you hire employees, even one of them, you must have workers’ compensation in case that person sustains a serious injury at work. And last but not least, we recommend business vehicle insurance. Why? If you’re driving your personal vehicle for your business and get into an accident, your personal auto insurance policy won’t cover it.
Choosing Other Types of Insurance Coverage for Small Business
The four types of insurance above probably seem like a lot, but they barely scratch the surface of what you might need. To learn more about available policies, how much coverage you should buy, and other common small business questions, please download our free eBook The Small Business Guide to Proper Insurance Coverage.
