Business Insurance, what is it and why do we need it?
Opening a new business is a huge and exciting and adventure. Of course you will have all the normal things to consider, location, parking, taxes, employees, 401K plans, inventory and many other details. With so much information and options it is easy to overlook business insurance.
When considering business insurance you have two aspects to consider.
First is protecting your customer and second is protecting your investment.
While each of these areas overlap one another to some degree, each deserves it's own consideration.
* You will need to assess what your business insurance needs are before you start investigating insurance companies, brokers and agents.
* What sort of property insurance do you need to carry?
* What are your liability risks?
* Would it be financially beneficial for you to carry a general Business Owner's Policy?
After you have determined what types of coverage your business will probably need, talk to other small business owners about the insurance company or agent they secure their insurance through.
Pay attention to the opinions of other business owners as they have experience with insurance companies, and their input will probably be worthwhile to you.
