Business Insurance Plans for Beginner Entrepreneurs

​Starting up a business is not a simple task, and there are many factors that you have to consider. In preparing your firm, you will need to know more about insurance. It is one of the essential things you need to get to protect your business from any risk or danger in the future. You need to obtain the best business insurance plan for your case. 

What is Business Insurance?
Having your business insured is a way for you to protect your assets. You may have to deal with people claiming that you or your company has caused property damage, physical harm, and even financial loss. 

It is crucial for starting or small business owners to get business insurance to allow your company to survive and prosper. If you do not get one, you will have to pay large amounts of money to pay for repairs, legal charges, and medical fees. Think of it more like an investment rather than a financial burden because you never know what will happen in the future. It will also make you more stable financially. 

Types of Small Business Insurance Policies

1. General Liability Insurance - This policy covers fees from non-employee third party claims of physical harm, property damage, and harm to reputation. It costs about $400 to $600 per year, but for businesses with more foot traffic or employees, you will need to pay more. 
   
   
2. Commercial Property Insurance - You should get this policy to protect the physical assets of your business. If any of these get damaged by covered circumstances, like fire or theft, your insurer will pay up to the amount agreed minus your deductible. It will cost at least $750 per year, but much depends on the cumulative amount and value of your business' assets. 
   
   
3. Business Owner's Policy - A BOP offers a bundle of different plans that are perfect for small businesses. You can get both general liability and commercial property insurance with a business owner's policy. You pay less with this policy compared to when you get the plans individually.
   
   
4. Professional Liability Insurance - This type of insurance covers your customers' claims of financial loss due to your service. Your insurer will pay for the legal fees and settlements. If you are a professional with advanced certifications, like an accountant or architect, you will need this insurance. The price ranges from $400 to $1,000 per year. 

There are other insurance plans that you can explore, like the commercial auto and workers' compensation insurance. To find out what policies your specific business will need, contact Howe Insurance Brokerage now. Thoroughly discuss your situation with their representatives and protect your company as best as you can. 

At Howe Insurance Brokerage, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (435) 674-8771. Get your free quote today by CLICKING HERE.