Insure your business from the start.
Question: I’m starting my business and know I should obtain various types of insurance. Since my funds are limited, what do you recommend to start?
Answer: Virtually every business needs:
- Fire insurance extended for conditions including storms, explosions, smoke damage and other disasters
- Liability insurance for bodily injury occurring on your business’s premises
- Theft insurance
If you’re working at home, your homeowners policy doesn’t cover these risks for your business activities, though endorsements and riders can sometimes be added to cover some risks.
Depending on your business, you may have some particular insurance needs. For example, if you’re providing a professional service like coaching, you need professional liability insurance; if you’re starting a food-related business, you need product liability coverage.
If you have an employee, you’ll need workers’ compensation insurance. And you need health insurance unless you’re covered by an employed spouse’s insurance or have a client who will make you a part-time employee so you’re eligible to participate in the client’s group plan.
Contact The Ayres Group for a personal evaluation of your start up insurance needs.