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Should You Insure and Bond Your Small Business?

Thinking about starting a small business or just started a small business?  Then you need to add getting your business bonded and insured to your “to do” list.  Certain businesses are required to be properly insured and bonded in some states. Thankfully you can find plenty of resources online to help you make these decisions or you can give us a call – we’ll help you through the process!

Here are some tips to help you get started:

1.     When getting your small business bonded and insured, you should always research your state’s requirements.  Beginning your search online is a great way to find out the types of bonds available and how much liability insurance you might need for your specific small business.

2.     Do a search for providers of surety bonds in your area. There are many types: performance, indemnity, payment, bid and license. Fidelity bonds are normally suitable for general business and can be somewhat inexpensive. These bonds protect your clients in the event that an employee is arrested and convicted of theft – you are not liable for any losses incurred. Consult an attorney and have the bond reviewed before you decide to purchase; you want to completely understand the protection it provides for you and your customers.

3.     Under most circumstances, purchasing general or liability insurance for your small business will cover legal situations that come up from negligence claims. When it comes to guarding your business against the unexpected, this is still one of the best ways. It will also help protect your business against payments that result from property damage, expense of defending lawsuits, as well as protection as a result of bodily injury and medical expenses. Make sure that you purchase enough liability insurance to cover the total net worth of your small business. Always check with your insurance agent to make sure you purchase the correct amount of liability insurance.

Contact us today for more information on how to get your small business bonded and insured!

The staff at B&A can assist you with all your bonding needs.  From the smallest bonds to multi-million-dollar commercial and contract bonds, we can help you find the bond that fits your needs.

Source: How to Get a Small Business Insured & Bonded | eHow.com

 

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