Small business owners wear many hats. The duty to purchase insurance for their business is important, as insurance is a risk management tool. By purchasing insurance for your business you "sell" some of the risks, in certain amounts, to an insurance company.

Mitigating or eliminating risks for your business is of paramount importance. So, when purchasing insurance you need to weigh the options, the types of coverage available, the carrier, and of course, cost. An often overlooked tool in this process is selecting your agent or broker. Does your agent or broker understand and have experience in your type of business? If not, how can he or she help you assess the risks and counsel you as to needed coverage? For example, some operations are governed by laws or rules and regulations that require certain types of insurance. Is your agent aware of these requirements? Has your agent visited your place of business to observe your business operations? The right agent invests in you and your business to ensure that you are obtaining the proper coverage.

We recommend that you start analyzing your insurance needs by carefully looking at your risks. The following list is a great place to start...