Insurance types you may elect to purchase, in addition to what’s required by law, include:
— Health and medical insurance. Generally, you pay for part of the total health insurance plan, and your employees contribute a portion as well.
— Directors’ and Officers’ (D&O) insurance. This policy protects a corporation’s officers and directors from personal liability in the event of a claim or lawsuit against them.
— Vehicle insurance. The more your business relies on vehicles for deliveries or for transporting goods, the more you can benefit from such insurance.
— Web site insurance. This covers claims made against the company’s Web site or as a result of actions taken or items purchased through the company Web site.
— Key-person life insurance. In a small business that is closely run by one person or a few key people, this type of insurance may be very worthwhile.