Tuesday, 21 June 2016

Find Insurance That Matches Your Business Size

One of the mistakes that most small business owners makes is to live with the assumption that their business is not yet big enough for insurance. Others are even more daring to believe since it's a small business, it wouldn't need insurance. Before proceeding any further, it is important to understand that there are several types of insurance for small businesses. The one suitable for you would be determined by these factors: type of business, number of employees, and location of the business.

Home based businesses are a common type of small size businesses. As a matter of fact, many businesses start off as home based before growing into bigger sizes. Number of employees is usually not more than two persons. Yet there are still insurance packages for these. Home insurance would not necessarily cover your business, even if it's located at home.

Insurance experts at Greater National Group agree that for a business to be categorized under small businesses, it must have below 100 employees and make below $5 million. By this definition, it tells that there are many small businesses around. A Business Owner Policy (BOP) is usually ideal for businesses in this category. If you are still unsure of the category of your business, walk into any reputable business insurance company and ask the right questions.

Read it also: Cyber Insurance Review - Greater National Group

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