Although one of the most common questions for sure when dealing with small business owner insurance pertains to asking how much business owners insurance does one need to buy, there is no single answer to this. This is because, simply, no two businesses are the same. Every business is different. For example, a one-person graphic design firm will require less insurance than a store with a gigantic inventory. But each of these businesses will need to ensure that all necessary business property is covered, that the liability limits are sufficient enough to protect the owner, and that both the employees and loss of income is adequately protected.
All businesses also have unique needs and situations that must be handled on an individual basis. For instance, if a store is located within a flood-prone area, that owner should invest in flood insurance, in addition to their regular business owners insurance policy.
Like business property insurance, liability protection will also vary from business to business. But inescapable to all businesses is the lawsuit, so higher liability limits are extremely important and recommended for all businesses. They are often fairly inexpensive as well.