There is no one answer to this because each business is different.
You can consult with your Trusted Choice® agent on the monetary limits needed to cover your potential for loss.
Obviously, a one-person accounting firm will need to purchase less insurance than a store with a substantial inventory.
But each will need to make sure that all necessary business property is covered, that the limits of liability are sufficient to protect the owner and the employees and that loss of income is protected.

In addition, each business has unique needs and situations that must be handled.
If the store happens to be located on a flood-prone area, the owner should invest in flood insurance.
The accountant may wish to purchase reconstruction-of-accounts-receivable insurance to cover the loss of accounting records.
The costs of reconstructing those records, money borrowed because of delayed payments due to the records being lost, and lost payments from those clients whose records cannot be reconstructed are all covered.

Liability protection also will vary from business to business.
A retail business is more at risk for potential suits than a business that is not open to the public.
Also, in some states, courts tend to respond more positively to lawsuits, increasing both the likelihood of successful lawsuits and the amount of damages awarded.
In today's lawsuit-conscious society, higher liability limits are extremely important and relatively inexpensive.
Your Trusted Choice® agent can help you decide how much coverage is needed for your particular business.  

Last updated on July 21, 2010 by [Your Name Here]