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Obtain business insurance (New Business Checklist)

Your insurance needs will depend completely on the size and nature of your business. If you're a small sole proprietorship, you may only need health insurance for you and your spouse. But if you start a corporation with employees, machinery, and inventory, you'll need to consider much more coverage. Consult a professional to determine what your needs are.

For more information about insurance for small businesses, visit the Go online Insurance Information Institute.

One rule of thumb when deciding on a policy: shop around. When it comes to small businesses, different insurers can charge very different premiums within the same industry. It all depends on how many claims that individual insurance company has had to pay to companies within the industry.

Here are some types of insurance to consider.

  • Liability

  • Vehicle

  • Property

  • Theft

  • Business interruption

  • Inventory

  • Employee health and life

  • Workers' compensation

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