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Shopping for stylish office furniture is fun. Designing a clever business logo or a storefront neon sign is fun. Purchasing business insurance is decidedly not one of the fun things to do when starting your small business. But like most eat-your-spinach tasks, getting the right insurance is vital.
It can also be tricky. Whether you're running your business from your bedroom or an office complex, business insurance can be complicated and expensive. It's important to approach insurance coverage comprehensively. There are two basic categories of business insurance: general liability and professional liability. General liability covers the nuts and bolts of every business: fire and theft coverage, and "trip and fall" coverage in the event someone claims injury from, say, using your automatic stapler or tripping on your sidewalk. Professional liability is for businesses that offer advice or services. Medical malpractice insurance is a form of professional liability insurance.
But choosing an insurance policy goes beyond simply fitting your business into two categories. Every business must custom-fit its insurance by consulting with an insurance provider, which can be a traditional insurance company or a financial services company. Also, be sure to hold on to all paperwork, even if you change policies down the road. Storing paperwork: that's not fun either. On the other hand, the security of knowing your work and business assets are protected? Now that's fun.
- Meet Michael Dorf, who explains how his downtown Manhattan music club The Knitting Factory was affected by the terrorist attacks of September 11th, and what he did when his insurance coverage proved inadequate to cover his loses.
- Access articles on myths and realities of home office insurance, small business insurance FAQs, a small business insurance primer, and insurance resources.
- Find out Fred Steingold's answer to the question, "I know that I need insurance for my small business. Trouble is, I don't know what kind. Can you help?"
- Read a profile of Bruce MacDougal, executive vice president of Mazonson Inc., an insurance brokerage firm in Peabody, Mass.
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