Medical Malpractice

I have consulted with hundreds of small business owners, including home business owners, and I know that they do not like to spend a lot of time figuring out what sort of coverage they need. These people are very hard working, and of course, they are experts in their field. But insurance is hardly ever an exciting topic for them. And yet, they know that the lack of proper coverage can ruin their company. That's why they wanted a quick and easy way to determine the coverage they would need.

Types of Business Insurance

• Business Property - This is coverage against loss or damage to the property or contents of a business.
• Business Liability - This protects a company against claims that their products or services damaged a customer.
• Professional Liability - Example of this would be malpractice insurance for doctors, or Errors and Omissions for financial professionals.
• Business Owners Policy - A combination policy which includes more than one time of coverage that is bundled together.
• Commercial Auto Insurance - Much like a personal auto insurance policy, this covers cars that are used to conduct business.
• Workers Compensation - A workers comp policy protects the employees in case of on the job injuries. Some companies are required to carry it, and some are not.
• Group Health - A group medical plan that employees join. While this is more of an employee benefit than a plan to protect the company, it can help attract and retain qualify workers. Not all small businesses will need a group plan, and those that have one, usually expect the employees to contribute some of the premiums.
• Group LIfe - Like group health, this can be an employee benefit. However, some company life insurance plans, like key man policies, actually do protect the company in case one of the most important employees or owners should pass away, and the company would suffer a financial loss because they have to do without that person's services.

The list above is very brief, and is certainly not a list of all possible types of insurance that small companies may consider. In addition, the descriptions are brief, and are not intended to replace the detailed advice a decision maker would need before actually buying a policy. Many types of specialized plans exist, and in some cases, a plan can be developed for the unique needs of a particular business. For instance, I have heard of movie or television stars getting their smiles or body parts insured.