Thousands of small businesses get started every year, but not all of them are started the "right" way — with careful planning.  Many sole proprietors and small business owners overlook important things when they are starting their businesses.  Some things are no big deal, but others can be quite detrimental to their business’s success.

For example, many business owners forget to think about getting business insurance.  You probably already know that you need things like health insurance for your employees, car insurance for business vehicles, and workers compensation insurance (i.e. injuries and/or unemployment), but you may not realize that there are other types of business insurance — some of which are imperative to the continued operation of your business.

1. Property insurance is very important if you run a small business.  If you own commercial real estate, you’ll want to insure it — but even if you lease, you’ll need to insure everything inside your store, such as your merchandise.  For example, if you become an eBay trading assistant, you’ll definitely want to get property insurance — if something happens to your store and your clients’ items are ruined, you could end up owing a lot of money for damages!
2. Liability insurance is also very important.  Usually liability insurance is all but required in service positions — for instance, I used to know someone who cleaned and organized wealthy people’s homes, and to protect herself she was bonded and insured.  My horse trainer is also insured.  Likewise, if you have an eBay drop off store, you’ll be handling people’s valuables — you’ll probably want to be insured in case something is damaged and a customer decides to sue you.
3. Business interruption insurance is just as important as the others, thought probably a little less commonly known.  Virtually every business, even some of the best franchises to buy, experience slow times.  Sometimes, through no fault of your own, you’ll find that you are suddenly unable to keep your business running for a certain period of time — for example, because of a natural disaster or a problem with machinery.  Business interruption insurance protects you from the loss of income and profits during such a time.

As you can see, business insurance is pretty important.  Make sure you don’t overlook these types of insurance, as doing so could do irreparable damage to your business!

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