When making financial decisions for your small business or startup, it can be tempting to cut costs by only signing up for the business insurance you’re legally required to have. However, just one uninsured accident can cost more than your monthly premium – it can cost you your business. With many types of business insurance available, it can be tough to know just which kinds you need. Small business owners should analyze their needs to make strategic decisions about which plans are right for them.
What is business insurance, and why do you need it?
When accidents happen, you want to be protected. Business insurance protects your business from financial loss during times of crisis or unforeseen events. There is no one-size-fits-all business insurance; instead, there are several types of insurance that can protect your business, and the exact combination of policies you need depends on your unique circumstances.