As you plan for a new business, are you confident that you know enough about your insurance needs? Test your business insurance IQ with a quiz prepared by the National Association of Insurance Commissioners (NAIC) to see how you fare.
If you’re currently in the planning stages for launching a new or home-based business, an important aspect of the business plan is factoring in insurance costs. An independent insurance agent should be part of your planning and advisory team. But meanwhile as you do your planning, there are a lot of good online resources where you can learn some of the business insurance basics.
NAIC offers Insure U for Small Business. The site is a great primer on business insurance, offering helpful information, tips and considerations about for owners of small companies and home-based businesses.
Here are links to the major groupings that the site covers.
- Workers Comp
- Business Property & Liability
- Commercial Auto
- Group Health & Disability
- Group Life & Key Person
- Home-Based Businesses
The Insurance Information Institute is also an authoritative and non-biased source of information on general business insurance as well as a helpful glossary of insurance terms. Here are a few other essential tools they offer for a small business:
- Small Business Insurance Basics
- What does a Businessowners Policy (BP) cover?
- Developing a small business disaster recovery plan
- Specialty business insurance – including articles for specific business types
- Commercial property insurance – including articles for home-based businesses
- Workers compensation
- Commercial auto
- Commercial liability insurance