Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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The Case for Buying A Small Business Insurance Policy

Most people who own a small business open the company with positive intentions and a bright outlook for the future.

So many possibilities await for the fresh, new venture.

Few entrepreneurs start a business thinking through all of the negative possibilities that might occur and could greatly impact their businesses, even their personal finances. This is exactly why small business insurance is so important.

With your ZIP code and the FREE quote tool you can start to compare the cost of policies now!

Small business insurance policies are available through several providers. Compare coverage and requirements, as well as the cost of different policies with various providers, to make an informed choice about which small business policy best fits your business’ needs.

Who Needs Small Business Insurance

Small business entrepreneurs, as well as other small business owners such as practitioners (dentists, chiropractors, massage therapists, etc.), shop owners and manufacturers should all consider the purchase of a small business insurance policy a necessity for doing business with the public.

Even those business owners who cater to a select and private group of customers need to think about the potential of disasters that could affect their productivity and profits. Find out what Investopedia says about small business insurance.

A small business policy may save the business owner a great deal in terms of financial loss and peace of mind.

Some scenarios in which business owners actually benefitted from this coverage are outlined below.

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The Sleepy Dentist

Buying A Small Business Insurance PolicyA dentist arrives at her office early one morning after very few hours’ sleep due to her newborn’s feeding schedule. She had not yet adjusted to the newborn’s routine, especially the lack of sleep resulting from the middle-of-the-night feedings, but she felt that she had to return from her maternity leave for financial reasons.

Her first appointment of her first day back is a scheduled extraction with one of her favorite patients. Being tired and not at her best, the dentist unknowingly pulls the wrong tooth from the woman’s mouth, one of the patient’s healthy teeth.

Even though her past relationship with the patient had always been a positive one, the patient sues the dentist for malpractice. Luckily, the sleepy dentist in question owns a small business insurance policy, so the lawsuit does not destroy her business or impact her personal finances.

The Computer Fix-It Guy

A man who is very technologically savvy, opens a small storefront to take in local customers’ computers for minor repairs and software upgrades. One morning, Mr. Fix-It opens the shop to find that a water pipe has burst in the office upstairs and flooded his entire shop.

Why Buy Small Business Insurance

The water completely destroyed all of his business machines and computers, and several of his customers’ computers. Mr. Fix-It had the foresight to purchase a small business insurance policy so he and his clients were promptly reimbursed for their losses. After smoothing a few ruffled feathers, and purchasing new equipment, Mr. Fix-It is able to resume his business and regain his customers’ trust and patronage.

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The Warehouse Owner

The owner of a warehouse that stores electronic equipment suspected that items were disappearing from inventory. Unbeknownst to any of his employees, the he installed security cameras late one night.

After examining the captured video one day, the warehouse owner discovered that one of his employees was stealing the electronics and putting the goods up for sale on eBay. Not only was the thief fired by the business owner, but the man was able to turn in a theft claim on his small business insurance policy. The value of the stolen goods was returned to him.

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The Internet Branding Guru

After many years in the corporate world, a marketing professional sees the way to opening her own home business, utilizing her social media marketing skills. She is now able to work from a home office, avoid the commute and the daily grind, as well as spend more time with her family.

One wintry morning, the UPS man slips on the ice on her front steps in his attempt to deliver supplies to her home office. She and her business are sued for the delivery man’s injuries. Small business insurance saves her business and protect her personal finances resulting from the accident.

The above scenarios demonstrate a few actual stories of how small business insurance helped save the entrepreneurs’ businesses and protected their personal finances.

With small business insurance, should an unfortunate accident or unforeseen incident occur with employees, goods or clients, you are covered.

Read this article to learn more about how these slip and fall accidents affect home business owners.

Finding a Policy

When opening any type of service, manufacturing venture or shop, one of the first considerations should be small business insurance. Small business insurance policies widely differ in what is covered under the policy, as well as the cost of the policy. Shop around and compare quotes based on your

Tips-For-Buying-Small-Business-Insurance

business’ specific needs. Research different insurance providers to find exactly what type of insurance and coverage amounts you need to protect your assets and business.

Don’t risk your future. Without small business insurance, you may be held personally liable for unfortunate happenings. This means that your house, your savings and your other possessions may be at risk.

Small business insurance is necessary for any small business venture. As with the business owners in the above scenarios, being a wise and prudent business owner and maintaining a small business insurance policy may one day save your future.

Start comparing policies now by getting FREE online quotes from the ZIP code tool today!