Good insurance coverage is an important part of planning your business’ success. When you take out insurance, you’re insuring against things that can go wrong. The insurance company that accepts your policy is betting that things will go right. The reason that it works is that for most businesses, most of the time, things do go right.. If you have a casualty, though, your choices of insurance coverage and carrier can make the difference between losing the business, just scraping by or being able to do business as usual.
Your personal insurance needs are different from your business insurance needs, but in a small business your personal coverage will be linked to the business’ survival. At a minimum, you need health insurance and disability insurance. Additional personal insurance needs may also include vehicle insurance, life insurance and homeowner’s insurance, especially if your business is located in your home. However, these need to be coordinated with your business coverage because there may be overlaps between your personal use of your property and your business use of it.