| When you begin your own business it is | | | | a replacement or liquidating the company. |
| important that you include business insurance | | | | This money can cover everyday business |
| in your start up plan. It is important that | | | | expenses such as mortgage payments or help |
| you protect your assets with insurance and | | | | you keep your payroll running smoothly during |
| there are many types to consider. You need | | | | this unfortunate transition period. |
| protection from all types of possible losses. | | | | |
| This can range from auto insurances, key man | | | | Liability insurance is just that, it protects |
| insurance, liability, and asset protection | | | | you from any liable law suits. This means |
| insurance. You may need all of the | | | | that if someone comes into your store and |
| aforementioned or maybe just one or two of | | | | slips and falls this is the insurance that is |
| them but here we will give you a brief | | | | going to; hopefully, protect you from a long |
| overview of each type so you can decide | | | | drawn out law suit. This type of insurance |
| whether you need to check further into them. | | | | also protects you if your business requires |
| | | | you to do work on job sites. For instance, if |
| If you have any automobiles that are drive by | | | | you are a tree trimmer and you are trimming |
| for work related trips it is important that | | | | branches and one of them falls on a parked |
| you are properly insured. If you are involved | | | | vehicle this insurance is what is used to |
| in an automotive related accident having your | | | | reimburse the vehicle's owner. |
| vehicle insured can really protect your other | | | | |
| assets. This is especially true if you are | | | | Asset protection insurance can have lots of |
| carrying enough coverage. My personal feeling | | | | different types of coverage. Most of the |
| is that businesses that have any assets at | | | | times it covers your buildings and contents |
| all should have a policy with an absolute | | | | in your buildings quite similar to |
| minimum coverage of 300,000/100,000. This | | | | homeowner's insurance. Then there are more |
| means that your insurance company will pay | | | | specific policies for niche markets. For |
| out a total of $100,000 per person involved | | | | example if you own a restaurant you can |
| in the accident with the most per accident | | | | insure your perishable items so in the event |
| being $300,000. This type of coverage will | | | | of a prolonged power outage you will be |
| hopefully allow you to settle with all | | | | reimbursed for your lost inventory. |
| involved and keep them from coming after your | | | | |
| other assets. | | | | When you own a business it is very important |
| | | | that you consider ever loss that you could |
| Key Man insurance is usually held on the | | | | encounter and try to make sure that you have |
| person that is the biggest asset to the | | | | the correct business insurance to cover it. |
| company, hence the name "key man." This is a | | | | Without the proper types of business |
| life insurance policy that if this person | | | | insurance you are leaving your business' |
| were to die you would receive money to help | | | | assets unprotect against law suits. |
| your company stay afloat while trying to find | | | | |