Small business owners can now consult a guide on insuring their interests.

The Bermuda Small Business Development Corporation on Tuesday launched the Insurance Guide for Small Business, an eight-page document provided by the BSBDC and the Freisenbruch-Meyer Group (FMG).

At the guide's launch on Tuesday, BSBDC chairman Larry Mussenden said: "In some cases, small businesses may take insurance for granted and may not realise its importance.

"To those businesses who are delaying the purchase of insurance, consider what would happen if you invested your life savings in starting a restaurant, for example.

"If, on the day of your grand opening, you had a fire, all of your investment would go up in smoke. If you had purchased insurance prior to opening, you will be able to recoup your investment and start again, but a business that chose not to purchase insurance may end up in a position from which it could not recover."

The guide was intended to simplify the idea of insurance, by identifying the types of insurance available to businesses in Bermuda and providing a simple overview of the coverage that the insurance offers, Mr. Mussenden added.

Included in the guide are explanations of mandatory insurance coverage like health insurance as well as coverage that can be seen as non-essential, like fire coverage.

William Madeiros, vice-president and general manager of FMG, said: "We at FMG are pleased to have been invited to partner with the BSBDC in generating the new Insurance Guide for Small Business.

"This document has evolved from a very simple idea into a tangible reference, which we know will be of use to anyone contemplating their insurance needs within a business framework."

Michelle Khaldun, BSBDC general manager, said the guide used plain language to explain the benefits of insurance to business owners.

"Unfortunately, we have had occasions to counsel clients regarding significant losses because they did not buy insurance upfront, waiting to build up revenue before purchasing insurance," she said. "By making this guide available in hard copy and online, we are giving business owners the chance to reflect, make choices and understand the language of insurance."

The guide will be made available at BSBDC and FMG offices as well as on their websites.