Avante Insurance’s Gaby Dominguez tells you what you need to know about insuring your business!
In this edition: When should new business owners start looking for insurance and what types of insurance should they consider first?
Watch the video or read the text below.
When should new business owners start looking for insurance and what types of insurance should they consider first?
New business owners should look at insurance the moment they open business. The reason why is because you have an exposure there. One of the biggest exposures that any business has from the get go is liability, your exposure to somebody else’s damage to property or liability that your operation might cause. So that is the number one and should be insured immediately, as you don’t know what the results would be should there be a loss, and that could be the first day of business or the 30th day of business after. So liability is extremely important to get the moment that a business opens. Another one is do you want to insure your property, the coverage that you have inside your business, and again should be the first thing that you open because if there is a fire the following day that you open business, you’ve lost all of your inventory and your business personal property that is inside your business. So, I think that prior to opening your business, every business owner should sit with an insurance agent and let them know what they are doing, what they’re operating, what is their business going to be about and have that independent insurance agent advise them on the coverages that they could need. Another very important thing that happens when a business owner opens is when they lease a space and when they lease, there is a landlord, and that landlord is always going to require coverage. So the moment that they’re signing any type of lease should be a conversation for an independent insurance agent to review what coverages they need.
We hope you enjoyed What You Need to Know About Insuring Your Business: New Business Owners. Be sure to check out What You Need to Know About Insuring Your Business: Independent Insurance Agencies and Quotes,Annual Check Ups.