It takes quite a lot of energy, dedication, time and commitment to run your own business. Many people risk all they've built in their business by not having the proper insurance policies protecting the company. Today, we will take a look at the insurance policies you should have to protect your business from the ground up in the event a lawsuit or other issue arises.
The very first policy you should purchase is liability insurance. This will cover your business from mistakes and failure to perform issues. This coverage is also known as errors and omissions. There is no one policy that covers all businesses or industries. The policy will be tailored to your industry.
If you begin working out of your home when starting a business, it will not be covered by the homeowner's policy you have. You will need to add a home business rider to the policy to protect the items in your office and the assets of the business.
Workers' compensation insurance is a policy you might need depending on how many people work for your business. The best idea here is to purchase this insurance the minute you hire the very first employee besides yourself.
Do you work in a rented space? Do you own office space? Either way, it's a good idea to purchase property insurance to cover various issues that can arise, e.g., fire, flood, wind damage and theft.
Deciding to go into business for yourself can be very scary. You might not know what to expect or even how to get started. The first thing you need to do is find an experienced business and commercial law attorney and then purchase insurance to protect the business.