Insurance is a provision of protection against uncertainly. Nothing in this world is guaranteed, and many unexpected things happen every day. When it comes to business insurance, you may need to protect yourself against many things you can think of, such as financial loss, or structural damage, but the insurance is mostly for the things you can’t think of. Whether you are a giant corporation or a one person home-based business, you still need some kind of insurance to protect your hard work and your investments. When you get your company off the ground, get good insurance before you do anything else.
There are several state and federal requirements for business insurance if you have employees – even if you only have one employee. You are required to have disability and unemployment, and depending upon the state you live in, there may be other requirements as well. In order to avoid the pitfalls of not meeting federal or state guidelines on the correct type of insurance you need to have, it is best to contact a company that specializes in insurance. Always get quotes from more than one source, however, and try to get a competitive rate in order to save yourself money.
After you have gotten the required business insurance, now it is time to look at kinds of optional insurance that can help protect your business, you employees, your property and your product. There are several options available for those with employees. You may need liability insurance if the employees may be in danger, such as independent contractor work. You may also be able to offer employees health insurance as well. For your property, if you own it, you may still need to add additional business insurance onto your existing policy for that piece of property, or you may need renter’s insurance.
If your company focuses on providing a service rather than a product, you may not need product liability insurance. However, business insurance will not always include coverage for every kind of risk, so it is important that you look into product liability of you make or sell any kind of product. Product liability can help protect you and your company from litigation about the product. If you have a product that has a defect that was not your fault, it would still be possible to get sued by a disgruntled customer, and product liability insurance can protect you from that kind of situation.Google+