5 Mistakes Small Business Owners Make When Purchasing Insurance Policies

With so many liabilities, insurance providers, and policy options for small businesses to consider, purchasing proper coverage can be a time-consuming, complicated process. But with your business’ finances and reputation on the line, it couldn’t be more critical.

Purchasing insurance policies

Every company has different needs and risks, so finding the best small business insurance for yours requires a lot of research, risk assessment, and financial calculations. But this is not the time to try and save time and money—with inadequate coverage, you may spend even more time and money in the future in the face of an unexpected event or lawsuit.

Identifying and understanding the common mistakes that small business owners make when insuring their business is the best way to prevent you from making them yourself.…

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Types of Insurance You Need to Protect Your Small Business 

There are several ways to protect your business and all the hard work you have put into it. Perhaps the most important thing you can do is to make sure your business is adequately insured with the proper types of insurance plans. A recent N.Y. Times article reported 40% of small businesses in the U.S. to have no insurance whatsoever, while the SBA estimates between 36-53% of small businesses are involved in at least one lawsuit in any given year.

Small business meeting

Small businesses are vulnerable to all types of risks, but with the right protection, these can be diminished considerably.

Protecting Your Business & Your Workers

Of all the types of small business insurance plans, one that is required by most states is Workers’ Compensation.…

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6 Types of Insurance Every Small Business Owner Needs

Businesses face significant risks from their day of inception. These risks do not arise when the business hires its first employee as a law suit can deem catastrophic to a business even before it opens its doors to clients. In such a case, it is not only vital to have insurance, but the right type of insurance.

Small business insurance

Luckily, there are a myriad of insurance plans for small businesses to shield them from these risks. Below are six types of insurance for small business owners.

1. Property Insurance

Most, if not all, businesses own or sometimes lease its premises, office equipment, inventory among other property.…

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Q&A with Brian Madgett, VP of New York Life on Small Business Insurance Coverage Gap

Many small business owners view business insurance as the necessary evil, and thus they are reluctant whether they should take more coverages or not. In reality, nobody really knows (except the insurers, perhaps) until the disaster happens; in that case, it’s all too late.

The result of the reluctance is the gap between the coverage they have and the amount they actually need.  But how bad is the gap? What should small business owners do in response to the gap?

Brian Madgett, New York Life VP

We converse with Brian Madgett, Vice President of New York Life – the largest mutual life-insurance company in the U.S.…

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7 Essential Types of Insurance for Every Small Business Owner

As a business owner, you might be wondering what kind of insurance policy you should get. Here are the 7 essential types of insurance for every small business owner:

Business insurance

1. General Liability Insurance

This insurance is a necessity for all businesses—whether big or small, home based or mainstream. It can protect you and your small business from a variety of claims such as bodily injury, property damage, and any other problems that you, your employees, or your products or services have caused or are alleged to have caused.

2. Commercial Auto Insurance

This kind of insurance covers vehicles owned by your company and anything inside it—your employees, products, or equipment.…

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