| Whether for-profit
or nonprofit, small businesses should have certain kinds of
insurance. Liability insurance is highly recommended for property
and automobiles. Worker's Compensation Insurance is state-required
when you have employees.
Part of the decision about what insurance to buy depends
on the nature of the business. For example, if it has a lot
of assets, it might consider theft and property damage insurance.
You may want life insurance on you and other critical personnel
in your organization. You also may want to consider various
other forms of insurance, for example, Directors and Officers
(if you have a Board of Directors) or business interruption.
Three of the most common types of insurance and illustrates
each with easy to understand examples.
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