There are many kinds of issues that small business owners may face through the course of its life. These include natural disasters, health problems, fire, theft, accidents, etc. So whatever problem you may face, it is important to be protected. One of the best protections for small businesses is by having insurance.
Any of the mentioned issues above without having the right insurance could cost you a lot of money. As a small business owner, you should protect your company’s assets the same way you protect your house or car—with insurance. There are business insurance plans for every contingency.
For instance, the General Liability Insurance protects your business from property damage, injury claims, and advertising claims. There is also The Professional Liability Insurance for professional service providers such as doctors and dentists for errors, malpractice, negligence, and omissions. For some professions it is a legal requirement to carry such a policy.
Do you sell goods? If you do, you should get the product liability insurance. This provides protection in the event a customer brings a claim against your company based on a problem with your product.
There are many other types of business insurance each suited for certain types of businesses. For more on this topic, check out this article from NETT Australia: http://nett.com.au/sales-marketing/business-insurance
Posted in Entrepreneurship