Protecting your Small Business
A blog on entrepreneurship AND insurance all at the same time?! You probably never thought it would (or should) happen… but I am posting this in hopes that it helps those of you out there that are currently in the early phases of starting your own business.
Much like you would insure your home and your car, you need insurance if you are going to operate a business, too! If your business uses a car you will most likely need a commercial auto policy. If you are responsible for insuring the building that your business occupies you will need property coverage. Regardless whether you operate your business out of your garage or in the penthouse of a tall office tower you will need some form of general liability insurance.
There are many types of exposures that you will want to consider insuring your business against. Many of these are things that you might not have thought of prior to owning your own business; like various types of crime coverage for instance. Unlike auto or property insurance that you are already familiar with on your personal insurance policies, crime policies are unique to businesses. Same with workers compensation insurance. Some of these insurance coverages you will be required by statute to carry, such as workers compensation coverage if you have employees that are not in one of the five monopolistic states. Many of these various business insurance coverages are combined into packages.
Below is a link to a document that I wrote in 2006 for a group of entrepreneurs that I had the opportunity to give a presentation to in Cincinnati, Ohio. This document hits briefly on several types of insurance. If you have questions or need clarification about anything you read in the document, please don’t hesitate to contact me.
More importantly, discuss your business venture with a licensed insurance agent that you trust, and then get a second opinion from another agent just to make sure you’re not overlooking anything or that you’re not being taken advantage of in any way. I have yet to have someone come up to me and say, “man, I wish I never had that second opinion” but I have certainly heard people say just the opposite, “if only I had gotten a second opinion!”
Protecting Your Business: Commercial Insurance - A Brief Introduction
As always, I welcome your comments and feedback…