Question

. 6. Present an insurance coverage plan for your small business. What coverage is needed, and how much will each plan cost? Respond in question-answer format. Reference shall be provided when outside resources are used in your work.

Answer 1

Q:What insurance coverage are needed for small business
A: Business property coverage: This will cover the building in which business is conducted, it's furnishing and inventory.
General liability insurance: This should protect the business owner from any legal access like claims of negligence are the business owner is sued with the lawsuit.
Workers compensation: It pays for employees medical expenses and missed wages.
Commercial automobile insurance: this is to protect the automobile used for logistics and operations management of the business.

All the above policy and plan is covered under one policy called business owners policy(BOP). hence the business owner can apply for this type of insurance policy in a cost effective

Q: what should be the budget of insurance  
A: The budget what is largely depend on type and structure of the business and number of employees employed by the business and how much risk coverage is needed in case of collapse of the business property or some risk to the and health of employee.