ABA Family Legal Guide

Forming and Operating a Small Business

Starting a Business

Insurance

Is there a standard kind of insurance that will cover most businesses?

One big part of insurance won't be new to you. You probably have homeowner's insurance to protect your home from fire and other hazards, and to protect you from lawsuits if someone's injured on your property. You can get a business owner's policy (BOP) to cover similar risks to your business, as well as some others that are unique to the business situation. The insurance industry has come up with standard packages for certain kinds of businesses (stores, contractors, etc.), and they're a good place to start. Make sure, however, that your agent truly understands your business--it may be that the standard policy the agent so quickly whipped out really doesn't fit what you're doing.