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Word Count: 444
Dont forget insurance The dream of many entrepreneurs is a successful business with sales and profits pouring in from deals with big customers As these small business owners pursue those dreams they also should be taking care of the mundane parts of running a company such as buying adequate insurance coverage The kinds of insurance youll need for your company and the amount you need to purchase depends on the type of business and where you operate it If youre running a daycare center your business has different insurance needs than a restaurant or a bakery And if youre working out of your home the insurance youll need will also be different - you do know that you need business insurance in addition to your homeowners insurance right Some types of business insurance are optional while others are required either by law - workers compensation insurance is mandated by many states - or by a lending agreement For example if you own the building where you do business your mortgage lender may require property and liability insurance But even where insurance isnt required you should purchase adequate coverage - or you could see the business youve worked so hard to build be decimated by unexpected losses Of course youll need comprehensive property insurance that will cover damage due to fire and other calamities You may also want extra coverage for a variety of contingencies that arent covered in your policy for example you might need to pay more to get coverage for flood or other water damage or to have windows and other glass fixtures repaired or replaced under specific circumstances Youll also need liability insurance which gives you coverage against injuries that occur on your property or that are caused by your employees And most states mandate that employers purchase workers compensation insurance in case employees are injured while on the job If your business uses cars
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