When you’re running your own business, you’re going to realize that you’re going to need a lot of things, including insurance. Without any type of insurance, you can find that you can lose everything that you worked hard for in a blink of an eye.
Insurance will cost you a monthly premium, but what I have found is that many owners out there just refuse to pay it, since its just another added expense. Since you don’t want to fall into this category, you’re going to find that you’re going to want to consider it, especially our liability insurance.
What is Commercial General Liability Insurance?
This is a type of insurance that is only available to commercial based companies. This insurance is going to cover any incidences that may happen on your property. For example, if someone slipped and fell, they would maybe come back and sue you. This is something you don’t want. With insurance, you’re going to be covered. Without that insurance, you could have just lost your business.
What is this insurance going to cost my business?
First, you’re going to have to look at what kind of policy that you’re going to want. Since every policy is going to vary. The insurance companies are going to take a lot into consideration. For example, look at your car insurance. Every car, as well as driver is different. This is going to be the same with our business.
Second, the type of business that you’re going to run is going to reflect the price as well. If you’re running a business with no customers coming in and out, you probably don’t have to worry about having high premiums. Now, if you run a grocery store, you may find that your premiums are higher, since you’re going to have more people walking through and there’s a higher risk of someone slipping.
To play it safe, you’re probably going to want to set aside about $500 – $1,000 a year to play it safe. This number can be higher and it can be a lot lower as well.
How can I find this insurance?
If I were you, I would meet with a licensed insurance agent to help you with your business, as well as what will suit your company the best. Once you find a plan that works, do the math to see if its best for you. By doing so, you should be able to be insurance relatively quickly.