Insurance for small businesses is available in so many different packages that you have to keep up with the industry to ensure that you are getting the best coverage for your business. Watch for new plans that offer updated risk products and the best protection for your assets.

Follow the trends that are affecting small business insurance quotes in a variety of ways to make sure you're getting the best rates. Look for new companies that offer low-cost small business insurance and keep up with the insurance news going around through your peers and financial advisors. Look for small business insurance news and trends in a number of ways.

1. Find low-cost small business insurance news to cover your assets.

2. Keep up with issues about risk management insurance for small business owners.

3. Watch for small business insurance quotes to take advantage of changing rates.

Action Steps
The best contacts and resources to help you get it done

Look for news about new companies to provide better business insurance rates

Keep up with new products available for small businesses to protect your company's assets. Find sites that will provide detailed information to keep up with the trends while providing insight into the various kinds of policies available for small businesses. Look for current quotes from these resources as well.

I recommend: Read the articles to understand the trends in commercial liability insurance at the Insurance Journal. Business Insurance provides information and trend articles as well as up-to-date news that affects issues surrounding insurance for small businesses.

Stay updated with small business insurance trends in commercial risk companies

Many small business owners look for ways to follow news about risk management and their own role in the changing insurance expectations. Look for news about these commercial risk insurance companies and the products they provide as well as government regulations that could affect your own coverage limits and liabilities.

I recommend: InsuranceNewsNet is a complete source of small business insurance news on every front, from risk management news coverage to general liability issues. Check in with Property and Casualty to get updates on new products that could help lower your risk insurance as well as news about insurance companies you need to stay on top of the issues.

Read analyses about trends in the small business insurance industry

Follow reports and magazines that cover small business insurance further than the headlines. Get the research and articles that offer more investigative reporting and research articles that take a deeper look into small business insurance company issues. Watch for new government regulations for employee benefits as well as changes in the tax codes that can help small businesses with their insurance coverage issues.

I recommend: You don't have to be a member to read about national news and issues that affects the small business owner through the National Association of Professional Insurance Agents news pages. You can get news about small business insurance companies as well as more detailed articles that consider trends and changes in the industry at Perr&Knight. In addition, you can receive quotes on rates from the group.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Look for news about group insurance for small business, such as fleet coverage and risk management groups, that could help to lower your general coverage rates.

Small businesses face a myriad of risks: Property losses, financial losses, lawsuits, workplace accidents, technology issues and product liability claims are just a few. But you can mitigate risks with some smart risk-management strategies. There are four main ways of reducing risk:

1. Risk avoidance: Avoiding the activity that carries risk. But nothing ventured, nothing gained.
2. Risk reduction: Putting measures in place to reduce the severity of the loss.
3. Risk retention: Accepting the risk; usually suitable for low-level risks.
4. Risk transfer: Getting another party to accept the risk, such as an insurance company.

Here are ways to plan for business risks and resources to help you mitigate them:

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Develop a comprehensive plan

While it can be tempting to plan one-at-a-time for risk reduction, you'll have a much more effective plan if you assess and prepare for all of your risks.

I recommend: Check out the Institute of Risk Management for samples of risk-management plans and instructions on developing your own. Consider using risk-management software to determine risk priorities and probabilities. Examples of risk -management software include Methodware's Enterprise Risk Assessor, RiskTrak and Risk Wizard. Or work with a professional risk manager; find some at the Global Association of Risk Professionals (GARP) or the Professional Risk Managers Association.

Plan for natural disasters

It doesn't take a catastrophe on the scale of Hurricane Katrina to put your business at risk. You can guard against 'acts of God' by putting a business continuity plan (BCP) in place. Consider a BCP a 'Plan B' — it spells out contingencies that will allow a company to continue operations if its facility is closed or employees cannot report to work.

I recommend: The Disaster Recovery Planning Group offers templates, toolkits and a "BCP generator" to help you plan for natural disasters. The Disaster Recovery Guide lists a directory of business-continuity and disaster-recovery consultants. Consider sending backup tapes off-site weekly, or having a redundant server in a secure location if your business would fail if you lost data. Check out data storage specialists like Symagio, NetMass and SunGard Availability Services.

Insure against theft and property loss

Property and equipment assets should be adequately insured. 'Blanket' coverage doesn't necessarily include all items, so check with your insurance provider.

I recommend: The Hartford's Web site provides some excellent resources, including a checklist for reducing property risks. Free Advice features property insurance information, legal resources and answers to FAQs.

Protect your employees

Proactively identify workplace safety issues and correct them.

I recommend: WorkersCompensation.com provides information and resources to employers, employees and insurers. The U.S. Department of Labor's Occupational Safety and Health Administration (OSHA) offers free on-site consultations for small businesses about safety hazards in the workplace. You can also take a variety of free online training classes from the Public Entity Risk Institute (PERI). Find an ergonomist to evaluate your workplace at the Board of Certification in Professional Ergonomics (BCPE) or Ergoweb.

Data protection and security

Technology and the Internet have introduced a host of new risks to business. Data loss or theft, computer viruses, hackers and privacy problems are just a few of the issues you need to address. You can beef up your technology security through software or by working with IT security consultants.

I recommend: Find professional data security specialists at the International Association of Professional Security Consultants (IAPSC). Interpol has an extensive information technology security checklist.

Liability risks

One of the most common business risks is general liability exposure, such as a customer getting injured on your business premises or an injury that results from a defective product. Some insurance brokers suggest 'commercial umbrella liability' insurance for protection beyond your primary commercial general liability (CGL) policy.

I recommend: AllBusiness.com's checklist outlines key issues to review for a liability insurance policy. BusinessInsuranceNow provides a full overview of (CGL) general liability insurance and what it covers.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Make sure you plan for data security risks so that you don't compromise private customer information or your own financial data.
• •  Ensuring that your company complies with state and federal safety laws — by putting up required safety posters, for instance — will help protect you against workers' compensation problems.
• •  Hire subcontractors to reduce workers'-compensation risks and make sure they supply Certificates of Insurance.

Both large corporate and single-owner small business insurance companies will bring on an agent with the right training. Small businesses typically represent the fastest growing sector of employment, and small business owners are always looking for small business insurance quotes for their health, property, and business insurance needs.

After you obtain your entry-level insurance licenses, add insurance for small business professional development courses through other training centers and trade groups. Make sure that your training is well-rounded for small business insurance as you progress in your professional development so that you can offer the most possible services to the widest range of clients.

1. Find the right entry-level training for small business insurance company positions.

2. Seek out advanced training that allows you to sell group insurance for small business as well as other small business insurance products.

3. Participate in trade groups that offer training in insurance for small businesses.

Action Steps
The best contacts and resources to help you get it done

Look for entry-level training from websites for small business insurance companies

Keep an eye out for the trends that are leading the industry to know the insurance training that you need now. Get the basics down first with classes aimed at newcomers to the industry that include insurance language, rules and basic coverage available for small business. Take the necessary pre-licensing courses before attempting to pass the various state-required insurance license exams.

I recommend: The Hartford School of Insurance provides entry-level training for those with no previous experience in the insurance industry. Kaplan offers pre-licensing training for those looking to get into the insurance field.

Find advanced training for small business insurance companies

Pay attention to what is needed in the market as you further your training and licensing. Often a Certified Public Accountant (CPA) or Certified Financial Planner (CFP) designation can make all the difference when you are looking to advance. Take advantage of training courses to learn about every aspect of the industry that could be used by a small business, from employee benefit plans to succession policies and personal wealth coverage.

I recommend: The Insurance Educational Association offers a wide variety of courses and seminars to fill out your small business insurance resume, including training on Workers Compensation and Commercial Liability for Contractors insurance. One of the most important insurance needs for small business owners is affordable health insurance for their employees. Make important connections to serve your clients while getting the training you need through the trade group America’s Health Insurance Plans.

Join small business insurance provider associations that offer training to their members

Most trade associations for providers of small business insurance offer continuing education and professional development courses for their members. In addition, they also will put on seminars in health, life and property insurance rules and changes that will help you stay on top of your field.

I recommend: Find a multitude of resources that will help you get the training and certifications you need in every aspect of small business insurance through the National Association of Professional Insurance Agents, which offers online training and in-person training through local chapters in states where online training is not available. Get a wide variety of professional development training opportunities through the National Association of Insurance and Financial Advisors.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The more products that you are licensed to sell, the more money you can make for yourself and your firm. So it's good business for you to take as much low-cost small business insurance training as you can.

Every business owner needs to purchase insurance for his or her business to guard against losses. The hard part, of course, is trying to determine which types of insurance your business really needs. Knowing this can be important because an insurance agent may try to oversell you. For example, if you don't have any employees, you don't have to purchase workers' compensation insurance. Knowing these things can make a big difference in how much you pay for insurance.

Action Steps
The best contacts and resources to help you get it done

Errors and omission (E&O)

Errors and omission or E&O insurance helps protect you against lawsuits where a client believes you to have made an error. It's a good idea for all businesses to hold errors and omission insurance.

I recommend: Learn more about who needs E&O insurance and at what point in business development you need to purchase it from InsurePro.

Business property insurance

Business property insurance covers all the physical aspects of your business and will protect them in the case of theft, fire or other natural disasters. Even small business owners that work from home can purchase business property insurance if they want to protect the goods that they use for their business.

I recommend: AllBusiness talks about business property insurance.

Liability insurance

If someone decides to sue you for negligence, you'll be happy to have a liability insurance policy. This protects businesses against any harm that their actions may cause, and all businesses should carry it. Most insurance companies have special packages for different types of businesses. For example, the liability insurance needs of a surgeon and an accountant may be quite different.

I recommend: Nationwide discusses liability insurance and the different types that they offer.

Workers' compensation insurance

If your business has employees, then you should purchase workers' compensation insurance. Sometimes called workman's comp, this insurance covers employees that are injured while working. Check your state's laws regarding the level of workers' compensation insurance that you must carry, as the laws vary by state.

I recommend: The Insurance Information Institute covers workers' compensation insurance on its site.

Employment practices liability insurance (EPLI)

Employment practices liability insurance (EPLI) covers employers in the event that an employee sues them for violating legal rights. Such cases may involve sexual harassment, wrongful termination or discrimination, among many others. While this typically happens within large corporations, it's still a good idea for all businesses to carry it.

I recommend: Read more about EPLI from the Employment Practices Liability Insurance of California website.

Business disability insurance

Business disability insurance can protect you from losing income should you become unable to work due to illness or disability. It can also protect you should you lose one of your employees to disability.

I recommend: For a detailed description of business disability insurance, visit 360 Degrees of Financial Literacy.