Business tools

With so many tools available, it can be difficult to find what works for your business. In this section, we break down some helpful tools so you can find the one most compatible with your business.

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Despite the array of automated tools, more than 80% of small business owners use manual processes in their day-to-day operations.

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If you’re a small business owner—no matter the size—there are a number of reasons you might consider getting insurance to protect your business.

 

For one, you may be prone to the same risks as larger businesses. Even if you’re just starting out, freelancers and self-employed folks may be vulnerable to the same financial risks and vulnerabilities as larger companies.

 

As a company of one, you might want to look into business insurance to protect yourself in case there’s an error, mishap, or accident, as you could find yourself in a financial bind if you don’t have the proper coverage in place. Depending on your role and line of work, you might want to consider the following types of insurance (remember, you should always consult a professional for your particular situation):

General liability insurance

 In a nutshell, this is a broad type of coverage that could protect your business in case there’s property damage or bodily injury.

Liability insurance can be for businesses that operate out of a physical space and might get customers coming to that space. Let’s say you’re a photographer. And during a session, someone accidentally trips over your camera bag and hurts themselves. General liability could cover medical bills and any legal fees.

It can also cover businesses that provide products or services that might accidentally cause property damage or bodily harm. For instance, if there’s a defect in your product or error in the service you provide. If you are in the organic dried banana business, and someone fell ill from eating a bag of your dried bananas, business liability insurance could protect your business.

Errors and omissions insurance

Also known as professional liability, errors and omissions insurance could cover you should you make a mistake. If your business involves offering advice, giving recommendations, providing some sort of care, representing a client, designing or creating products, errors, and omissions insurance could come in handy. It could also cover legal costs, even if you didn’t commit an error.

Business interruption insurance

Business interruption insurance is usually rolled into a business owner policy (BOP), which usually includes liability, property, and business income coverage.

Should your business temporarily close from property damage, a major disaster, broken down equipment, or some other peril, business interruption or business income insurance could help cover lost income, rent or mortgage payments, taxes, employee payroll, or if you need to operate temporarily out of a different location.

On-demand business insurance

Are you a freelancer who offers different services at different times of the year? Or perhaps some of these jobs were only for a few hours at a time. Or maybe you’re just starting out in building your business.

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