Types of Small Business Insurance

Health Insurance protects the owner of the business in case of illness by providing payment for medical expenses. New York has a program that provides affordable health benefits for small businesses and individuals who are currently working without health coverage. Go to http://www.healthyny.com to see if you qualify.

Business Life Insurance covers against the death of a key participant in the business such as the owner or partner. key person life insurance is used in partnerships, LLCs, or businesses with small stockholders. This protects the partners in case one dies by providing cash to buy the business interest from the deceased partner’s heirs. The terms for buying and selling in such an event should be specified in the operating agreement.

Disability Insurance covers you in the event you become disabled and cannot work. This will cover your personal income. Disability policies generally pay as much as 60% of your average income for a set period.

Business Interruption Insurance protects against the loss of projected earnings due to a temporary shutdown of the business.

Find More Small Business Insurance Articles