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Intermediate3 modules24 items~81 minFinal assessment

Starting a Small Business Journey

Who it’s for: Freelancers and owners starting a small business, at home or in a space of their own.

Work through the modules in any order. Each lesson, term, and scenario counts once you’ve actually read it, and the journey is complete when everything is done and you pass the final assessment.

What you’ll be able to do

You can tell the main business policies apart, see where a homeowners policy stops, and know what to check before you hire or sign a contract.

Key numbers

Module 12 items · ~9 min

Working from home

Where a homeowners policy stops for a business, and equipment you take to clients.

  1. LessonDoes Homeowners Insurance Cover Your Home-Based Business?~6 min
  2. LessonIs Your Business Equipment Covered When You Take It to a Client's Site?~3 min

Module 214 items · ~45 min

The core business policies

Business owners and package policies, general and professional liability, and what they do after a closure, a flood or lightning.

  1. LessonBusiness Owners Policy vs Commercial Package Policy: Which Fits?~3 min
  2. LessonGeneral Liability vs Professional Liability: Which One Covers Which Claim?~4 min
  3. LessonDoes Business Interruption Insurance Pay if Your Business Has to Close?~3 min
  4. LessonDoes Business Insurance Cover Flooding?~2 min
  5. LessonDoes Business Insurance Cover Lightning Strikes?~4 min
  6. LessonDoes Business Insurance Cover Employee Theft?~3 min
  7. LessonDoes Business Insurance Cover Cyber Attacks?~3 min
  8. LessonDoes General Liability Insurance Cover Breach of Contract?~3 min
  9. TermGeneral Liability~4 min
  10. TermBusiness Personal Property~2 min
  11. TermEquipment Breakdown Coverage~2 min
  12. ScenarioCustomer Slipped In My Store~6 min
  13. ScenarioPower Outage Closed My Shop~3 min
  14. ScenarioFlood Damaged My Business~3 min

Module 38 items · ~27 min

Clients, contractors and employees

Certificates of insurance, hiring contractors and employees, and employees driving for work.

  1. LessonCertificate Holder vs Additional Insured: What Does a Certificate of Insurance Prove?~4 min
  2. LessonDoes Your Business Insurance Cover Independent Contractors?~3 min
  3. LessonHiring Your First Employee: Do You Need Workers' Compensation?~3 min
  4. LessonEmployees Driving Their Own Cars for Work: Who's Liable?~3 min
  5. TermWorkers' Compensation~4 min
  6. TermHired and Non-Owned Auto Coverage~2 min
  7. ScenarioEmployee Injured At Work~5 min
  8. ScenarioUninsured Contractor Hurt Working For Me~3 min

Final assessment

5 questions across the whole journey. Score 70% or more, with every module item done, to complete the journey. Retake it as often as you like: each retake gives you new versions of the questions you’ve seen, and getting those right raises your Insurance IQ.

Take the assessment →

Your insurance checklist

  • Tell your home insurer if you run a business from home, and ask what isn't covered.
  • List the risks of your business and the policy that would respond to each.
  • Check your state's workers' compensation rules before you hire.
  • Ask clients and contractors exactly what insurance proof they need, in writing.

Questions to ask your insurer

  1. What does my homeowners policy cover for my business, and what would a business policy add?
  2. Is a business owners policy right for my business, or do I need a package policy?
  3. Do I need professional liability as well as general liability?
  4. Does my policy cover flood, power outages that start off-site, or equipment breakdown?
  5. Do I have business income coverage, and what is its waiting period?
  6. Do I need hired and non-owned auto coverage for employees who drive for work?
  7. What are my state's workers' compensation rules for my first employee?

Where to go next

Educational information, not advice: This journey is general education, not legal, financial, or insurance advice. Coverage depends on your policy’s wording, your insurer, and the laws of your state. Insurpedia does not sell insurance and does not recommend specific insurers.