It doesn’t matter if you are a one-person company, have 100 employees, work from home, rent an office, or whatever your business looks like. You will need insurance. Lack of adequate insurance plays a huge factor in businesses closing their doors. Find out what is required, recommended, and what can wait for later.
- Get educated on types of insurance - Provide a copy of your business plan or summary to ensure you get the best information. When your provider has all the information, they can get you the best coverage. Do you work from home? Using dangerous equipment? Hiring employees? And so on.
- Workers' compensation - not needed until you have an employee, and it is a requirement from the day they are hired - even if that employee is your best friend or close family relative. If you have even a single employee, you must have workers' compensation.
Your homeowner’s or renter’s insurance may not cover your home-based business, even in the event of fire, flood, or theft.
- Be sure to ask about and get educated on different types of insurances, like:
- Workers' Compensation
- Home-Based Business
- Business Property
- Business Income
- General Liability
- Professional Liability
- Employment Practices Liability
- Commercial Auto
- Data Breach
- Commercial Umbrella
- Commercial Flood
