Common misconceptions
No matter the size of your business, you need insurance. Many small business owners believe they don't need it because they're too small.
Every business — even a small, home-based operation — needs liability coverage, at a minimum. No business is too small to be involved in a lawsuit. Having some amount of commercial liability insurance protects your business if you, an employee, or your products or services cause injury to a third party.
For those who operate from home, there is a belief that their homeowner's policy will protect. Typical home insurance, however, does not cover business equipment, inventory or liability issues related to a commercial operation. Similarly, a vehicle used for business purposes would not have sufficient coverage through a personal auto policy.
Read more: 6 crucial lessons when launching your own business
Shopping for the right insurance
Try shopping and comparing business policies with multiple carriers so you can understand common recommendations, coverages and prices, especially with an agent or broker who specialises in your industry.
When you do find the right insurance for your business, the search isn't over. Entrepreneurs and small business owners to review coverage on an annual basis.
Shop and compare the cost of insurance with multiple companies to make sure you purchase the right amount of coverage at the best price. Having some amount of insurance is better than none. You can start with relatively low limits and increase them over time. Or, you can layer on additional types of business protections to round out coverage as your business and exposure to risk grows.
At Imalia we develop our policies to suit your needs. Our Home Business Insurance provides a one stop-shop property solution for people that operate a business from the home they live in. By completing our Home Business Cover Proposal Form, you provide us with the information we need to work with the insurer to be able to provide you with a policy that is the most cost effective for you.
Read more: Home Business Cover
What should your insurance include?
As the insurance industry becomes increasingly digitised, businesses across a variety of industries are similarly following suit. For companies looking to operate mostly online, Home Business cover and Computer Security and Data Protection cover are essential considerations.
This basic coverage gives small businesses a broad range of protections, including premises and products liability. It pays a certain amount for damages and legal costs if someone is hurt in your office or a customer is harmed by your online product.
As a business grows, if you require Public Liability Insurance or Professional Indemnity Insurance for the actual business you are running from your home, please contact Imalia and we can assist with providing you with these business covers.
Read more: Starting a business? Did you forget insurance?
If you are inspired and would like to join the revolutionary movement that Imalia is creating, you can request to join our Facebook group The Wolfpack, to share ideas and learn from other like-minded women.
This is an edited version of a story that first appeared on Property Casualty 360.