Unfortunately, when you’re an entrepreneur/CEO of our own business, it means that you have to deal with the dry, boring paperwork that comes across the desk. But who better than yourself to set the solid foundation for the growth of your business to stand on? So. Today’s topic we’re touching base on is: insurance! As well as keeping up to date with the latest insurance industry news, there are a few other things you can do to make sure your business is appropriately insured. Let’s get through this thoroughly and quickly so you can get back to daydreaming of your yacht and exotic miniature horse farm.
Consult With an Insurance Broker
For safe measures, it won’t hurt to consult with an insurance broker to make sure every corner of your business is covered. Don’t hesitate to ask questions until you’re blue in the face! They might be able to point you in the direction of insurers that are specific to your industry. This is useful because, for example, if you were looking to insure your janitorial business, you would need an entirely different kind of insurance to, say, a hair salon. Every business operates differently and not one insurance policy fits all. They are there to help and it’s better to be safe than find yourself in an unknown sticky situation down the road.
Get Limited Liability Business Insurance
Owning a business can put you in scary situations, especially when unforeseen accidents happen. A team member or customer becomes physically injured during the job, property damage ensues, or even psychological injuries can turn out to be an ugly lawsuit against your business. Safeguard your livelihood and get Limited Liability Business Insurance. Liability Insurance can help cover costs of medical expenses, attorney/court fees, and other damages that your business may be legally responsible for. Speak to an insurance agent first and see what customizable option plans there are that best suits your business. If you already have a policy in place – check this right off your to-do list! But also be aware of when your coverage expires.
Have workers? Get Workers Comp.
We hear stories everyday from our friends, family, news, everywhere – accidents happen all. The. Time. Workers Compensation Insurance is actually mandatory by law in almost every state and is available to employers through commercial insurance companies. In essence, workers compensation insurance covers costs for any illness or injury a team member obtains at work or by performing the duties of his or her job. Examples of these injuries include slipping on wet floors, straining muscles while lifting heavily, or obtaining injury by fire or explosions. Your workers compensation costs are determined by the amount of worker’s wages paid out, so make sure your estimated payroll is good for the year ahead.