Insurance Options For Small Business Owners
A business owner policy packages all required coverage a business owner would need.
Insurance options for small business owners. Most personal vehicle insurance policies don t provide coverage if the automobile that is involved in an accident is used mostly for business purposes. But small business health insurance is a must if you re looking to grow. Business owner s policy bop. By providing valuable benefit plans such as medical insurance dental insurance life insurance and income protection a company can be recognized as an attractive place to work.
These are six of the many different types of insurance policies that could be beneficial and necessary for your small company. Many use insurance to help manage risks including common policies covering business property general liability professional liability and technology internet liability. The rest are usually only purchased in specific industries or by businesses with certain operations. Reimbursement plans low cost health plans and health insurance savings plans are all options for small business owners to offer employees when formal insurance is unaffordable.
Often bop s will include business interruption insurance property insurance. When i was a small business owner it never occurred to me to think beyond these common policies mainly because it s human nature to avoid thinking about things like disability. Businesses typically purchase coverage through an insurance broker or the public small business health options shop marketplaces. Kaiser permanente offers four main health insurance policy options for small business owners including traditional hmo plans deductible hmo plans hrs and has qualified plans and deductible hmo with hra plans.
Anyone who uses their own personal vehicle for business purposes should discuss this type of coverage with their agent. Hiscox does sell more fundamental insurance like workers compensation and commercial auto but it doesn t write those policies. Business vehicle insurance is the second type of coverage many small businesses purchase. In that list only commercial property insurance is common among small business owners.
Traditional group health insurance can be a good choice for small businesses because it s relatively easy to obtain and most employees are already familiar with how it works. The deductible hmo plans offer employees the option to have a higher deductible but also a lower premium. Most small business owners would agree that a large part of their success resides in their ability to balance risks and rewards.
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