A Business Need By MARC DAVIS Updated August 31, 2023 Reviewed by ANDY SMITH Small businesses need insurance even when cash is scarce or revenues are down.
Underinsured or insufficiently covered businesses may face financial difficulties or even file for bankruptcy.
Small business owners ought to have adequate insurance that is both comprehensive and adequate, and they ought to review and update their coverage on a regular basis in light of shifting circumstances.
Professional malpractice insurance, a business owner’s policy, and commercial insurance are all options for small businesses.
The state in which a business is based frequently imposes minimum insurance requirements.
