5 Types of Insurance Every Small Business Owner Should Get

For the small business owner, choosing the right insurance is vital.

Buying up every different type of insurance plan out there is not cost-effective, it’s impractical and, in all likelihood, will have you doubling up on certain types of coverage.

Not having enough coverage is likely to bankrupt you. Here are five essential types of insurance that should keep you covered.

1. Business Owners Policy Insurance

First on our list is BOP insurance. This is an absolute must as it alleviates the time consuming process of searching out for every essential piece of coverage that you need. Business owners policy insurance is designed with small businesses in mind.

To qualify, you have to have fewer than 100 employees and less than $1 million in revenue. Should you exceed these figures you will find that you will have to start looking for separate insurance.

The beauty of BOP insurance is that there are customizable bundles designed for what you require. So all the types of insurance you may have seen on lists similar to this are packed up under one policy.

2. Life Insurance – There is nothing more important to a business owner than to leave their family in a strong financial position if they were to pass away.  Having a life insurance policy in place is one of the most essential tools you can add to your toolbox to protect them.
On the business side of things, if you have invested in a business entirely based on a Key Person, having life insurance on them is also important so that if they pass away, you can still get back your initial investment.
Buying life insurance is easier now than it has ever been, so check out some quotes through Simply Insurance and protect yourself and your business.