As almost everyone operating a small business knows (or will soon discover), small enterprises have many unique needs and challenges that require special consideration – issues that their larger competitors often don’t have to consider.

Smaller businesses are more lean and agile, but may lack employees who are highly specialized in a focused area, as today’s worker usually carries out very diverse functions. This can provide challenging when buying business insurance, as it is not as simple as what your parents (or their parents) might have been responsible for.

In a shaky economy, it’s more important than ever to know what to buy, when, from where and for how much. A small business goes beyond being just a job, and with so much personal investment required to run a successful small business, owners needs to make sure their businesses are fully protected from all potential risks and unexpected possibilities that exist.

Small Business Insurance Varies

Insurance needs are different for every business, and often are not the same even for two businesses that appear to be engaged in the same type of operation – there is certainly no “one-size-fits-all” product. With different risks, getting the right insurance is critical in both keeping the business overhead down as well as making sure employees, patrons and every process of business conduction are fully protected.

Most consumers are unaware of how insurance companies don’t all offer the same variety of options – many cater to specific industries or business sizes. Every day, plans are being sold to small businesses that are really lacking in coverage that is tailored to their specific needs. This is why it is essential to find insurance that meets the diverse needs of today’s small businesses by aptly addressing the potential risks inherent in each one.

The good news is that such detailed insurance customization should not cost more, and Benecaid’s groundbreaking solution choices are designed to dynamically save small businesses on employee health insurance plans. Customizable insurance options should be as readily available for small enterprises as they are for larger corporations without compromising coverage; ultimately making adequate employee health benefits an affordable option for all types of small businesses.

Types of Insurance Needed by Small Businesses

While embracing the sizeable volume of insurance needs just to set up shop, it’s easy for anyone considering becoming the owner of a small business to become overwhelmed. This is where working with a professional broker or agent can provide you with the information you need to help you to weed through what your business will and won’t require. Do not look at the following list and feel overwhelmed, as each small business will need some, but not all of those listed here and often they can all be provided by one carrier:

Insurance for Owners, Investors and Critical Employees

The loss or impairment of anyone at this level could ruin a business. Potential risks can be covered by the following types of insurance:

•    Life (and Dependent Life) Insurance

Can be offered to employees as part of an employee benefits package.

•    Accidental Death and Dismemberment Insurance 

Provides compensation in a situation where a worker is injured or killed on the job.

•    Disability Insurance

Guarantees a percentage of income in the event that someone cannot work for a specified time period, due to injury or illness.

•    Critical Illness Insurance

Provides the insured who is diagnosed with a critical illness with a lump sum benefit.

•    Health Insurance

The options are numerous and can vary, depending on a myriad of options, demographics of your employees and division of financial responsibilities between employer and employee.

A qualified insurance agent or broker can help you analyze exactly the coverage that your business needs. Look at a provider like Benecaid that provides flexible coverage for you that is as unique as your own business.