Starting Up A Business? You Need Business Insurance
If you're starting up your own business, you have a lot on your plate
. Your mind is wrapped around your time, energy, hiring talent, wages to be paid, expenses to be incurred, how to do marketing and how to make sales.
It's easy to overlook something crucial to your business' well being when you're in this state of mind and that's your insurance cover.
Business insurance is as much of a necessity as your equipment, marketing plan and communication infrastructure. If you don't have business insurance in place that is tailored to the specifics of your business, you are setting yourself up to be the victim of tragedy or disaster, in fact, some events could put you out of business if you don't have adequate and well thought out insurance cover in place. In business you have to be prepared for every contingency. Insurance is there to make sure that you are helped out with this fact of the business life.
The type or types of insurance cover that you need depends upon your type of business. For example, if you're trying to start up a veterinary business, shouldn't you have surgery insurance? Needless to say this would also apply to starting your own physician's or dental practice. Other types of insurance that someone in your position needs to consider include: public liability; employers' liability; business interruption; stock and content; legal expenses and medical malpractice.
Were you aware that a commonplace misconception concerning starting up a limited liability company (LLC) or a small corporation is that the business owner is protected from personal liability and thus personal liability insurance isn't needed? You can and possibly will, in fact, be held personally liable if:
*Your business is not operated as a separate entity.
*You've signed a personal guaranty for obtaining a loan.
*You act illegally or negligently.
*You've caused someone personal injury either accidentally or intentionally.
You also want to consider public liability insurance in case someone has a 'slip and fall' personal injury case against you and employers' liability insurance in case you have an employee who does something wrong and is seeking to sued over it. In fact if you have employees it's a legal requirement that you have employer's liability cover.
Professional liability insurance is needed if you are providing services to people that leave you vulnerable to lawsuits alleging errors and omissions? For example are you an IT consultant? If so you should have professional liability cover. Then there is product liability insurance that covers you in the event that a product that you sell to someone does not work correctly and ends up doing them harm or damaging their property.
Some small business owners believe that they don't need any insurance cover because they are too small and don't make a lot of profit and, thus, no one will try to sue them because it would be pointless. Nobody, not even the courts, can take what you don't have, right? This is nonsense. You may think that you have precious little, but it's still precious and you still have it, hence, yes it can be taken away from you.
There are no two ways about it, if you are going to start up a business, you need business insurance.
by: Tom Jones
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