However, psychologists, management consultants, and others selling advice might also wish to protect themselves from lawsuits claiming malpractice. Health, disability, and life insurance are of concern not only for the owner, but also for employees. It is essential that you have health insurance to cover medical expenses and disability insurance to cover loss of income due to disability. Employee benefits may include group life, group health, and disability insurance. Providing health insurance for yourself and your employees is an expensive proposition.
Many small businesses require employees to pay part of the insurance cost.
Workers' compensation insurance provides income and payments of medical costs if you or your employees are injured on the job. It is mandatory to provide a minimum level of workers' compensation insurance to all employees. Even if you are trouble meeting other bills, don't let your workers' compensation insurance payments lapse because this insurance is governed by state laws and varies among the states. Workers' compensation rates depend on the amount of salaries covered, job hazards, and the company's safety record. Business interruption insurance protects against loss of business income.