{"id":5094,"date":"2016-04-04T10:47:54","date_gmt":"2016-04-04T15:47:54","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/liability-and-insurance\/do-s-and-don-ts-business-insurance.html"},"modified":"2024-05-23T02:24:56","modified_gmt":"2024-05-23T07:24:56","slug":"do-s-and-don-ts-business-insurance","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/liability-and-insurance\/do-s-and-don-ts-business-insurance.html","title":{"rendered":"Insurance Buying Tips for Small Businesses"},"content":{"rendered":"\n
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Insurance Buying Tips for Small Businesses<\/h1>\n
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\n By Susan Buckner, J.D.<\/a> | Legally reviewed by Susan Mills Richmond, Esq.<\/a>\n | Last reviewed\n
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Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n <\/div>\n \n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

When you start a business, you need small business insurance. Even large companies don’t need insurance for everything. If they did, they couldn’t afford to stay open. There are many types of business insurance <\/a>for every business need. As a small business owner, your best plan of action is to know what kind of insurance<\/a> you need first and what can wait until you’re established.<\/p>\r\n

Your first step should be contacting a reliable insurance company. You can get names from other businesses in your industry and the Small Business Administration<\/a> (SBA). Review insurance quotes from all insurers, and have a business law attorney review your policies before you sign them.<\/p>\r\n

Basics of Business Insurance<\/h2>\r\n

A good insurance agent will review your options and discuss your primary needs. If you are a "typical" business, you need insurance to protect your company in the event of property damage, bodily injury, theft, or monetary loss.<\/p>\r\n

A standard package policy is the business owner’s policy<\/a> (BOP). This general insurance package includes basic insurance coverage to start business operations. The BOP has versions for different businesses but usually includes:<\/p>\r\n