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