Also known as malpractice and professional liability. This type of coverage protects you from professional mistakes. The cost depends on the type of merchandise you stock, location and theft deterrent devices on your premises. Coverage could include inventory and equipment away from your business premises, such as in transit to a customer. This type of insurance will pay approximately what you would have earned if your business had not been interrupted.
Premiums are typically low.
A good insurance plan is just as important to your business as good financing, marketing, management or any other business function. Your hard work and dreams can be lost in a matter of minutes if your insurance program is missing key elements. The first step toward being adequately covered in case of loss is to recognize the risks you face and make up your mind to do something about them. Before you purchase insurance, investigate the methods by which you can reduce the costs of your coverage. The following 3.