Is Your Business Insured?
There are various types of insurance that a business owner should consider to protect their investment. Even if you have formed a legal entity that provides personal asset protection you still need insurance for your business. The limited liability offered with forming an LLC or corporation offers protection of your personal assets if your company is in financial trouble and is in the process of closing its doors. Commercial insurance offers protection while you are in business, helping you recover from a disaster or tough situation and stay in business.
If someone injures themselves on your premises are you covered? If you are at a client’s place of business and you damage their equipment are you covered? If an employee injures themselves while working how will you pay for their medical bills? If there is a fire at your warehouse or office do you have coverage to rebuild?
Insurance, such as general liability and professional liability, will provide an additional layer of protection for your company. This type of insurance can protect you in various situations with employees, customers, clients, vendors, etc.
Most states require various insurance if you have employees but few require other types of insurance. Be sure you have the proper type of insurance to limit your liability.
Owning a business may be your dream come true, but there are a lot of factors involved to build a strong foundation. Be sure you have a solid foundation before the unthinkable happens to you.
The article is for informational purposes only. Details are subject to change without notice.
Copyright 2014 Christi Rains, Alpha Omega Consulting & Bookkeeping, LLC www.aobookkeeping.com