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What are the Different Types of Business Insurance?

There are many types of business insurance available to business owners. While all companies should have certain types of business insurance, insurance needs can also depend on the specific business model or structure in question. Many insurance companies offer “business owner’s insurance” or “commercial liability policies.” These policies offer a basic package of business insurance and can be supplemented with additional insurance as needed. While different types of business insurance may be bought separately, they can also sometimes be purchased as a package, which may be more cost effective.

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Do You Need Insurance for Your Business?

The term “business insurance” encompasses the many different types of insurance available to protect businesses, business owners, and employees of businesses. As a new business owner it can be stressful to think about the additional costs involved in getting your business up and running. However, every business owner should have some basic types of business insurance.

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Are Business Owners Required to Provide Health Insurance to Employees?

Business owners are generally not required to provide employee health insurance. However, the new health care reform laws put into place by the Obama administration encourage employers to provide health insurance to employees. The Health Care Reform Act, which goes into effect in 2014, will penalize businesses with over 50 employees that do not provide employee health insurance. However, this penalty costs business owners less than the cost of employee health insurance benefits, so the effects of the new law remain to be seen. Further, many states have proposed legislation that would prohibit the new mandatory health insurance rules from applying to employers.

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