Insurance

Probably yes. A general insurance agent can be a valuable advisor to a small business. Risk management is an on-going concern to a business owner. 

Since insurance is a business expense, you should have as little as possible given the risk probabilities and risk severaties associated with your business. Questions to ask yourself are these:

You probably can’t afford it. It can be expensive and difficult to collect on.

Self-insurance means you make some provision to cover losses from a risk. It does not mean that you simply go without insurance and make no provision to cover losses should they occur.

To answer this, let’s first think about what insurance is. It is part of risk management. The risks in business, as in life, are always present. They are managed by avoidance and by monetary coverage if they can’t be avoided.

This is a type of insurance that comes into play when an employee is injured on the job or when performing official business duties. Usually, this insurance pays money to the injured party instead of you being sued for damages.

Not unless you have a loan, lease agreement, property rental agreement, equipment time-purchase plan, or some other contract that specifies that you must carry insurance as part of the contract.

By shopping and comparing prices. Insurance costs are not uniform. As with most other things you can buy, it is possible to get a bargain and it is possible to get ripped off.

Probably not. Business operations are usually excluded from homeowners’ coverage and can actually negate some coverages.

High deductibles lower your insurance premiums. In effect, you are assuming some of the risk of loss yourself. If you can afford to handle the loss represented by the deductible, and if the probability of occurrence is low, a high deductible is probably a good choice.

Most advisors will tell you to carry some liability insurance. It is relatively inexpensive and can protect you from a variety of risks.

The best way to determine this is to consult with a business insurance broker. Discuss