There insurances to review. Insurance is really the glue

There are many types of insurance coverages for businesses. It is important to review each very carefully before choosing the right type of insurance for your company. Business insurance is not a “one size that fits all type” of insurance. As a business owner, there are a lot of insurances to review. Insurance is really the glue that holds everything together. You want enough insurance that will protect you, your assets, and your business. So it is critical that you choose the right type, the right amount and the right coverage in place for what you are doing in your business. One type of insurance is General Liability insurance. This type is basically for any business. It covers pretty much anything you would be liable for, such as: property damages, any type of medical coverage or expenses, lawsuits filed against your business, and even bodily injuries, libel and slander. It is the absolute basis for any business. I think for most businesses, if they could only afford to have one insurance, this would be it. Another type of insurance coverage would be Professional Liability insurance. This type of coverage is mainly for those businesses that provide any kind of advice or service, such as doctors, lawyers, or even insurance agents. Wedding photographers, wedding planners and even home improvement businesses would probably use this type of insurance. It generally covers you from financially hurting someone. Commercial Property insurance is designed to protect your building and what’s inside from catastrophic events, such as fire or weather damages, and even vandalism. Most businesses would want to fund this type of loss through insurance. Otherwise, if something were to happen, the business owner would have to find other means of covering the damages and losses, such as taking a mortgage or loan out. The last type of insurance I will discuss is Business Owner’s policy. This is good for those home-based businesses that are generally small and need the typical coverages. This is a popular type of insurance. It covers the property risk, such as computer equipment, inventory and supply. General liability is also included. This type of bundle insurance is great because it can save a lot of money for your small business. After reviewing the different types of insurance, one that I feel would be useful for my business is Professional Liability Insurance. I wish to open an Elite Cheer and Tumbling gym. My students will compete in several competitions a year and it can be very costly for parents. I feel this type of insurance is a good fit because I am providing a service. I need to make sure I hire trained professionals to teach these students how to properly and safely perform stunts and tumbling. I cannot just pick employees off the street. Safety is a main concern. I would also have some type of general coverage for damages, medical expenses for my employees and other liabilities.


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