What type of insurance do I need for my small business?

UPDATED: Sep 30, 2022

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What type of insurance do I need for my small business?

I am trying to start a small local business from my home. I will be making custom golf clubs for local children ages 3-10. What type of insurance will I need for my business?

Asked on March 7, 2017 under Business Law, New York


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

1) Most important: liabilty insurance. This protects you if anyone is injured by your products (or by you in the course of work--e.g. if while demo'ing a club for someone, you accidently hit them in the head).
2) Since you are manufacturing what I assume (as a non-golfer) are expensive items, and presumably using potentially valuable equipment to do so, you want to get insurance covering your inventory and equipment.
3) If this will be a major part of your income (instead of a sideline), you probably want "business interruption" insurance to protect you in case something beyond your control disrupts your operations--this insurance will pay some amount or portion of the profits you'd have otherwise made.

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