One area of the budget that a small business owner simply cannot neglect is their business insurance. Insurance is not an option for most small businesses, as a single large expense can damage a business's cash flow and put it in an extremely vulnerable situation. There are also certain types of insurance that are simply required for a business to operate legally.
Small businesses that have full-time staff members are required to pay into workers compensation insurance, and most small businesses will need to have at least some measure of liability insurance as well. A small business owner will also want to have a property insurance policy that covers their equipment, any physical property and any physical improvements to their space, such as modifications to a retail location.
Small businesses with full-time employees are also required to offer health insurance options to their employees, which will require the adoption of a ...