subject: Start Your Own Business The Right Way With Protection [print this page] Start Your Own Business The Right Way With Protection
If you are in the process of starting your own business you must budget for operational costs, supplies, and most importantly insurance. Many entrepreneurs with hopes of financial freedom fail to overlook the importance of building a comprehensive insurance portfolio. If you are a first-time entrepreneur your dreams can quickly transform into nightmares if you fail to purchase the right type of insurance coverage. There are several different types of insurance designed to suit businesses in all industries. If you are operating in the state of Michigan understand the various types of business insurance Michigan and tailor a suitable insurance package.
Property Insurance
Property Insurance is a must for all businesses. If you are operating out of leased premises you will need to invest in a tenants property insurance policy. If you own your own building, you will be required to invest in a property owners policy which is designed to cover interior contents and the dwelling itself. If you are running your business out of your home you will need to add a special endorsement to your homeowners insurance policy that will extend to business property and supplies. If you fail to invest in any of these policies and you experience a loss the results could be devastating.
General Liability Insurance
All businesses should carry general liability insurance. This type of coverage will protect your business assets in the event your company is sued for negligence causing bodily injury or property damage. General liability will also pay for claims of libel, slander, and advertising injury. In today's litigious society it is very important to carry an adequate amount of general liability business insurance Michigan. Your insurance company will pay for legal defense, settlements, and judgments awarded up to the limits listed on your policy.
Professional Liability Insurance
Not only businesses will need professional liability insurance. Businesses requiring this type of insurance are those offering professional services to the community for a profit. Insurance agents, real estate agents, doctors, mortgage brokers, financial specialists, stock brokers, personal trainers, and counselors all have a need for professional liability insurance. This type of insurance will cover liability claims excluded from a general liability plan. Claims covered are those that arise because the professional has made an error that financially damaged the client. Going without professional liability insurance leaves youvulnerable to life changing lawsuits.
Starting your own business takes both time and money. Do not open your doors without spending both time and money on business insurance Michigan. Once you have researched all of the policies and coverage options available in your industry you will have the peace of mind in knowing you have bound comprehensive coverage. Protect your business and personal assets and get one-step closer to financial freedom.
