How Does Small Business Insurance Work?

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Small business insurance can work in a few different ways depending on the policy in question. Find out about how small business insurance works with help from the managing partner at an insurance organization in this free video clip.

Part of the Video Series: Business Insurance & Finance
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Video Transcript

Hi, my name is MItchell Smith, managing partner of Universal Insurance Services and Universal Partners. Today, we're gonna discuss how does small business insurance work? Insurance for a small business can be very important. Whether it's small or mid-sized or large, it really doesn't matter, but for a small business, we're typically talking about a couple of people working for your company. Maybe it's family owned. We're also not sure, maybe you're talking about property and casualty insurance, or life insurance or some other things. Property and casualty insurance, I mean things like worker's comp, of course you need those things for liability purposes. On the life insurance side, are other forms of insurance. You may have a partner in a small business. If your partner passes away, and they're married, that spouse potentially becomes your new partner, if you don't have an agreement in place. It causes a lot of problems for a lot of businesses in this country. A simple agreement funded with life insurance will take care of that issues. That's pretty important. You may want to use a deferred compensation. Believe it or not, deferred compensation, or a form of retirement planning, is built around life insurance. You may need that for what you're doing. So, there's lots of different things you may want require in a small business. Other than buy-sell agreements or deferred compensation, key many insurance. You may have a very important person in your company, God forbid something happens to that person. You may want life insurance on them. Or disability insurance on them if they get disabled. The company will actually get paid that disability payment, and it will help you find someone new, or at least maintain some sort of revenue. Many ideas, you obviously should talk to a professional about. Thanks for watching today's discussion on how does small business insurance work.

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