Post written by Deena James, President of Krueger & James | Service Above Self | Proud Grandmother | Woman of Faith | Chiefs Fanatic
So you’re thinking of starting a new business. You have your business plan, your financing is in place, and you are full of ideas and dreams!
But do you have your insurance?
Insurance is a necessary, often overlooked, important piece of your new business. Without the proper coverage, you can lose everything in the blink of an eye.
Depending on your business, here are some items to consider:
That’s coverage for damage you case that injures property or people. Most any contract, lease or bid will require that you provide an adequate amount of liability protection for others. Buy as much as you can afford! It’s your lawsuit protection.
You’ve purchased furniture, inventory, computers, supplies, etc. Are they covered if a Midwest tornado suddenly hits your location? What about the income you’ll lose if you can’t work because of the tornado? Can you keep the doors open?
Even if you don’t own vehicles in your business, if you have employees driving their own vehicles for your business, you need some protection.
Yes, various states have requirements for the amount of payroll or number of employees you must have before you’re required by the state to carry workers compensation. But what if an employee is hurt on the job? Don’t you want to be responsible and handle their medical bills? Think it over carefully before you overlook this important coverage.
Much like general liability but if your business is consulting, computers, medical, architectural, engineering and many other specialties, you should visit with an insurance professional about professional liability.
Do you handle hazardous materials? If so, check it out.
We’ve all heard about Home Depot, Target, Jimmy Johns, and so many others. If you’re responsible for personal, identifiable information, then your business could be targeted and should at the very least purchase a small limit of this protection. A loss like this can close your doors.
Employee Dishonesty (Theft)
Yes employees steal from employers. It happens every day. And, it’s usually the employee that you’d swear would never do something like that!
Certainly there are many other areas of risk that might need to be considered. The only way to make sure you’re protected so you can relax and concentrate on your great idea and new business is to work with a professional insurance agent.
As you look for an agent, check out their credentials and references. A great agent will be educated and current in the industry. Find one today and you’ll have a valuable partner in your business for years to come!