Essay, Research Paper: Small Business

Don't 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 you'll need for your company, and the amount you need to purchase, depends on the type of business and where you operate it. If you're running a daycare center, your business has different insurance needs than a restaurant or a bakery. And if you're working out of your home, the insurance you'll 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 - worker's 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 isn't required, you should purchase adequate coverage - or you could see the business you've worked so hard to build be decimated by unexpected losses.
Of course, you'll 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 aren't 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.
You'll 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 worker's compensation insurance in case employees are injured while on the job.
If your business uses cars, trucks or other vehicles, they also need coverage.
But these are basics that every company needs to buy. Depending on what kind of business you're in, and where you conduct that business, you very likely will want to purchase coverage to protect you against losses not covered in a standard policy.
There are no names mentioned in this article.
If your company is involved in manufacturing, you should buy product liability coverage.
The Insurance Information Institute, a New York-based industry group, sells a book, ''Insuring Your Business,'' detailing some of the specific kinds of coverage that different categories of businesses need. For instance, it notes that retailers tend to make interior improvements to the stores they rent, so their coverage needs to reflect that investment.