Insurance can cover a variety of catastrophes including natural Insurance can cover a variety of catastrophes including natural disasters, fire, and theft. Providing good health coverage for your employees can help you retain them. However, these are not the only types of insurance available. You may be required to carry life, business interruption, or auto insurance depending on the nature of your business. Other types of insurance cover business liability or damage to your inventory

Auto Insurance protects against injury and the cost of repairing your vehicle. In most cases, personal auto policies do not extend coverage if the vehicle is used for business. If you rarely use your vehicle for business, for example, if you are a real estate agent driving clients to show a  house, then your personal policy may be all you need. Consult with your insurance agent if this applies to you.

General Liability Insurance covers legal liabilities from accidents and other injuries dealing with your business, with the exception of a work-related injury. Professionals such as lawyers or consultants should consider errors and omissions coverage, which protects them if they are sued due to a problem with their work. You may also choose to add umbrella coverage. This type of coverage protects you if a court judgment against you exceeds your general liability or commercial auto coverage. As this is a secondary policy, the premiums can be inexpensive.

Health Insurance protects the owner of the business in case of illness by providing payment for medical expenses. New York has a program that provides affordable health benefits for small businesses and individuals who are currently working without health coverage. Go to http://www.healthyny.com to see if you qualify.

Business Life Insurance covers against the death of a key participant in the business such as the owner or partner. key person life insurance is used in partnerships, LLCs, or businesses with small stockholders. This protects the partners in case one dies by providing cash to buy the business interest from the deceased partner’s heirs. The terms for buying and selling in such an event should be specified in the operating agreement.

Disability Insurance covers you in the event you become disabled and cannot work. This will cover your personal income. Disability policies generally pay as much as 60% of your average income for a set period.

Business Interruption Insurance protects against the loss of projected earnings due to a temporary shutdown of the business.

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