Entrepreneurs need to take several important first steps before starting their own small business, including writing a business plan, obtaining financing, and buying insurance. However, as they begin looking for small business insurance, business owners may be confused by the sheer number of options. It can be overwhelming, especially for those who’ve never purchased coverage before. Here are seven tips to keep in mind while shopping for business insurance. They will help you meet legal requirements, minimize your exposure to risk, and save you money.
1. Understand your legal obligations
Not everyone is required to purchase insurance for their small business, but some are, depending on their industry, state laws, or other requirements. For example, if a business owner is renting a commercial space, the landlord might require general liability insurance, which can protect against the costs associated with third-party property damage or injuries. Depending on which state they work…
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