By MainStreet.com Staff Writers

Your business is one of the most valuable possessions you own. Why put it at risk? Business insurance makes sure that you and the business you’ve built don’t suffer when the unexpected happens.

Insurance Every Business Should Have
No matter what size your business is, there are some basic types of business insurance you should have.

1. Property insurance protects your business property, including buildings and everything in them. Similar to homeowners insurance, business property insurance covers your equipment, furniture and inventory. This type of insurance is often required for bank financing, but even if it’s not you should have it to protect your investment. Be sure to go over your policy carefully, however. Not all risks are covered in basic policies, and damage from earthquakes, water and utility problems may require a special rider.

2. Liability insurance covers your business in the event that someone is injured on your premises or incurs damages because of your company. If, for example, a supplier gets hurt while delivering inventory to your business, general liability will typically cover up to $1 million per claim. Without liability insurance, your business could take a big financial hit if you are sued.

3. Worker’s compensation covers medical expenses, rehabilitation and lost income for employee injuries suffered on the job. It also pays death benefits for work-related accidents. Depending on which state you do business in, it may be required by law once you have a certain number of employees. If you have any employees, however, it’s wise to have this coverage whether it’s required or not. Work accidents are common and can bankrupt a business if it’s not covered. Here’s a tip: Cover yourself as well. It costs practically nothing to add an owner to a worker’s compensation policy.

You can often save significantly on premiums by buying policies that lump property insurance, liability insurance and other kinds of coverage together. These are called business owner’s policies.

Other Insurance You Might Need
Not all small businesses are exposed to enough risk to justify multiple insurance policies, but here are some other types of business insurance available.

1. Business interruption insurance helps your business get through a period where it’s impossible for you to do business. It covers lost income and pays normal business expenses as well as expenses needed to get you back to in the market. Whether it’s a fire, a natural disaster like Hurricane Katrina or something else, a business interruption policy can save your business from going under while you rebuild. These policies can vary, however, and you’ll need to read the fine print to know when coverage kicks in.

2. Business vehicle insurance covers vehicles owned and/or operated by your business. You should have this insurance if you or your employees drive a company vehicle or use personal vehicles for work. Personal auto insurance will not protect your business if an accident occurs while driving on company time.

3. Employment practice liability insurance protects the company against damages awarded through employment lawsuits and legal costs. Sexual harassment suits and other employment suits are more common than ever, and good conduct isn’t always enough to prevent them. These policies are dirt cheap, but could save you big on the off chance you need it.

4. Errors and omissions insurance is liability insurance for a service provided. This protects your business if the service you provide (giving expert advice, for example) causes damages. This is also called professional liability insurance.

5. Key man insurance is typically only necessary for small businesses that are partnerships or have one or more employees that are invaluable to the company. This can be either a death or disability insurance. If a partner dies, this insurance can be used to buy out the surviving heirs.

What’s the Stimulus Plan have for you? Explains Galia Gichon of Down-to-Earth Finance:

There are also benefits for first-time home buyers, higher paychecks, 529 college savings plans and car buyers.

Have you ever suddenly lost your vision? Yesterday it happened to me. It’s very frightening.

Like many of us I’ve played the health insurance “gamble”. Since college graduation I’ve had health insurance benefits only 20% of the time. So, based on budget and a general feeling of “healthy” I did without. You might know this method as “CYF Health Insurance” — Cross Your Fingers.

We all know this approach can have potentially life- and financial-threatening implications. Despite these serious consequences I laughed it off and continued the gamble. After all, the most serious medical situation in our household thus far was on a trip to Cincinnati, Ohio. My boyfriend was bitten by a police-mounted horse. (I mean really… that’s kind of funny..! What’s not funny is he doesn’t have health insurance, either).

So back to yesterday. I was working when suddenly I started to have difficulty seeing directly in front of me on the screen. “That’s weird”, I thought, as I adjusted the light on the monitor and in the room. I put on my reading glasses. No help.

Then I started to get dizzy. Maybe I just need a small snack? A rest from the computer screen? No, in fact…it got worse. The pounding in my head grew in intensity. At this point I knew something was really wrong because what vision I had was dark and getting dimmer. You know how the alien pops out of Sigourney Weaver in Aliens? That’s how it felt — like my brain was going to burst out my eye sockets and splatter across the wall.

That’s when I freaked out. I don’t know what a stroke feels like. But a stroke killed my grandfather. Could I be having a stroke? As I left my apartment I could barely walk, see, and felt sure I was going to throw up. I was in a panic.

By the time I got to the emergency clinic I had regained most but not all my vision. Once it was determined I wasn’t having a life or death situation it dawned on me: how much will this cost? No insurance and it’s all out-of-pocket.

Let’s see:

First: the emergency cab ride – $10 — didn’t wait to count change or tip

Next: my minimal insurance ($50/mo) doesn’t cover anything. (That’s why it’s called “minimal” – it basically gives me the right to see a doctor!).

The local emergency clinic operates on a sliding fee scale. They charged me $91 to see an emergency doctor. Then another $91 to see the eye specialist. All this and they said, “You probably had a migraine”.

Talk about the pounding headache continuing! I’ve never had a migraine and it doesn’t run in my family. Nor is it something I’d ever like to encounter again. I spent the bulk of my day there routed through various lines to get my pupils dilated, my blood checked, and all the other things you do when there is something wrong.

But… the really wrong thing is that despite being a generally healthy, employed person, I cannot obtain health insurance that doesn’t cost hundreds of dollars a month.

One strategy I’ve used is to sign up for health insurance under the umbrella of my freelance company (through which I do contract work). But even that is cost-prohibitive. Even though I know better I will probably continue with this minimal coverage for as long as possible. And that really puts my financial life at risk if my physical life is endangered.

I guess this is a good reminder of one real issue at the heart of this election. If you’ve got opinions on health insurance, voice them at the Geezeo Group “Health Insurance – AHH!”.