Small Business Finance News

Insurance Important For Small Business, Expert Says

Written by Jenna Weiner
Published: 8/30/2010

Director of Houston Small Business Development Center says small business owners put themselves at risk without proper insurance.

In a recent article for the Houston Chronicle, the associate region director of the UH Small Business Development Center, Jacqueline Taylor, wrote that small businesses could be putting themselves at risk by not having the right insurance.

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Taylor writes that small business owners needed to get liability, business continuity, property and automobile insurance at the very least in order to be properly protected. In addition, if a small business has employees it is also key to get health, disability and life insurance for them, as well as workers' compensation. Though small businesses in the Lone Star State aren't mandated to get it, workers' compensation is important.

"Workers' compensation insurance isn't required in Texas but protects you in the event workers are injured on the job. You'll want a policy that covers medical expenses, lost wages and lawsuits employees or their families may file."

The UH SBDC, where Taylor works, is run by the U.S. Small Business Administration and seeks to give advice to entrepreneurs in the area. One of the programs it offers is the Space Alliance Technology Outreach Program, which is funded by NASA and gives technical support to contractors.

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