Partnerships, Cooperatives, Sole proprietorship, and sometimes in fact, Limited Liability Corporations, are amongst the type of businesses that may be referred to as ‘small businesses.
There are different indices to determining what would qualify as a small business; like the ownership, the financial standing, the taxes, amongst others, but all these do not shield it from the day to day mishaps that happen in the operation of businesses.
It is for this reason small businesses are encouraged to have insurance policies. On Collected.Reviews, there are feedbacks about business insurances shared by business owners that every owner must look through before deciding on what policy to settle with.
Below are four insurance policies small businesses must have:
I. Liability Insurance:
A defect in product, an error in how service was carried out, advertising injuries, medical expenses for injuries that happened in the course of business, claims of libel and slander, are just a few amongst what a general liability insurance would cover for. These are very common mishaps that happen in the day to day operation of business, and for small businesses that may not have the best financial standing, these claims may wreck and cause irredeemable losses. This is …