You’ve finally decided to open your own business. That’s a big step! Once you’ve figured out the essentials (location, employees, equipment, etc.) there are also some other things you may need, insurance wise, before you’re ready to open up shop.
- Business property insurance: You’re going to have a lot of assets when you open your business — an office, supplies, equipment, furniture. Just like you have your home protected from accidents, you need your business to be adequately protected. If your business is based out of your home, double-check your homeowners’ policy — it may only cover parts of your home business and you might have to update your coverage.
- Employee compensation: Obviously if you’re your only employee, you won’t need this. But if you’re hiring people to work for you, it’s good to consider this and in some cases, it’s required by state. This gives your employees peace of mind while at the workplace while also protecting you against any liabilities.
- Liability insurance: If there’s an accident to a customer or a visitor at your business, you don’t want to get caught up in paying for huge legal fees. Liability insurance protects you from that.
These are just a few of the things you may need when opening your own business. Make sure to contact your agent and discuss what your specifics are and what sort of coverage your business needs and you can comfortably afford.