Business is Risky Enough without having the Right Insurance

by | Jan 27, 2014 | Insurance

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Starting a new business is a huge risk but nothing is better than to see it grow and succeed. Of course during this phase all your attention is on growing the business but don’t take you eye off the ball as there are downsides to running your own business and this is why you need business insurance in Traverse City, MI. As a businessman you are faced with protecting the assets of the business should disaster strike and you must be prepared for any legal liability that comes your way.

Your insurance needs:

Depending on the type of business you are growing, your insurance needs in the way of coverage and amount will vary considerably. If you are renting space for your office or warehouse, check with your landlord before you insure the facilities, it may be covered in your lease, if not then you must purchase business property insurance which covers the contents and the structure.

Startup businesses often have a high degree of cross-over between those assets which are personal and those which have been bought for the company. You may not yet have a company owned vehicle and you are using your personal car for business purposes, if this is the case, review your auto insurance and see if the current coverage is sufficient.

Liability insurance:

Many small businesses are either sole proprietorships or partnerships. These business models may mean that you can be held personally responsible for any actions of the business.

There are a number of different forms of business insurance in Traverse City, MI including various forms of liability insurance; general liability is the most popular and covers any claim for compensation to anyone who injures themselves while on your premises. You may think your office is free from hazards but just in case it isn’t then you need to avoid getting embroiled in a lawsuit at any cost.

You may also wish to consider an errors and omissions policy. This form of liability insurance is designed to protect the owner from financial loss that is the result of negligence. An example of what is considered professional negligence is when a client alleges that you offered bad professional advice or made a mess of a job you were contracted to complete.

Of course, if you have employees you will want to have workers compensation and perhaps you wish to offer a health insurance plan. All of these options need to be a topic of conversation between you and your insurance agent.

There are a number of different forms of business insurance in Traverse City, MI that cover the needs of your unique business. You can always take the help of insurance pros at Johnson & Associates Insurance to ensure your coverage is what you need.