Business insurance, like many types of expenditures, is one of
those items which business owners typically do not like to pay. You
must remember that sufficient insurance can be as critical to the
success of your business as a good product or service. Without
proper insurance you could lose all the money, time, and effort you
put into your company. The types and amounts of coverage you
purchase must be evaluated on a cost-benefit basis like any
other commodity that you purchase.
Your insurance agent can help you review the amount of coverage
you may wish to purchase for various purposes. Usually, you will
want to insure against risks that could have significant
detrimental impact on your business. This normally would include
such items as fire, storm damage, theft, general, and product
liability. Depending on the nature and size of your business, it is
often a good idea to self-insure for all or a portion of certain
losses. Self-insurance can be accomplished by not
