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Small business insurance help

ladyoncellphone30335335.jpgWhen it comes to running a small business, you need to meet with several insurance companies to find a plan that works for your small business. Insurance is very expensive for small business owners so it is important to search around for the best possible insurance rates. Here are some of the things that will impact the cost of your small business insurance:

  • Gross revenue
  • Number of employees
  • Payroll
  • Type of coverage

Trying to operate without liability insurance is a very risky practice. Although you contribute to Workers Compensation, your business is still at risk for lawsuits if a person is injured on your premises. When shopping for insurance policies, you can often find some that are designed for all the needs of your business. Look for a policy that includes healthcare insurance, property insurance, and liability insurance.

Small business liability insurance covers any injuries caused to your customers or to any visitors to your store. To determine the cost and coverage amount you need, the insurance company will need to take your payroll and sales numbers into account. This gives them a chance to collect the true value of your company so they can provide you with the right coverage amount.

Property insurance will cover any losses to your property. Property insurance is necessary to protect your business from fires, theft, vandalism, and other problems. Your property insurance costs can be low depending upon where your business is located. The other things that will reduce the cost of the insurance is the type of business you have. A business with something like an oven will be more expensive than a business without one.

When you are trying to find small business health insurance, you need to shop around. Compare rates with several different health insurance companies until you find one that is affordable for your small business and for your employees as well. There are several different things that will cause your health insurance costs to change. Depending upon the type of business you have, you can pay higher health insurance costs. For example, if you have a company that deals with heavy machinery your employees are at a higher risk for getting injured, which causes your health insurance costs to go up.

When you purchase insurance for your small business you should expect to pay an average of $4 for every $1,000 you make in gross sales for your liability insurance. Your health insurance costs will vary based on the number of employees you have which will costs you about $5,000 a year toward the premiums. The deductibles vary but they can cost you up to $1,500 or more. Talk to your employees about the different health insurance premiums and deductibles as they may be unable to afford them. A health savings account may be a good option for your business if you are unable to acquire other methods of health insurance. At least with an HSA your employees have a chance to accumulate some money to pay for routine doctor visits and other things. Again, it's a good idea to talk to your employees about the different health insurance options that are available and affordable.

Having an insurance policy will protect you and your employees. There are several online insurance companies you can obtain quotes from to find out which company can offer you the best rate. An insurance agent can also help you acquire the coverage you need for your small business needs. It's a great idea to work with an insurance agent as they will be able to research rates from multiple companies and help you make a thorough decision when you are choosing insurance.

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