You can never be too prepared when it comes to covering your business
On some level, starting a new business is a lot like having a child—it’s the idea you’ve cultivated, grown, and brought to life. It requires your full attention and constant nurturing and guidance. Very often, it is your full-time, never-ending responsibility.
Now that you’re the proud parent of a growing business, it’s time to consider some clothing and padding to help minimize the bumps and bruises that will happen along the way—we’re talking about insurance. However, all too often, new and small business owners overlook or underestimate the need for business liability insurance—and this puts them and their businesses at great financial risk.
Here, then, are a few things to consider before taking off the training wheels and letting go.
Location, location, location
It doesn’t matter if you’re working from home or leasing commercial space: If you are operating in any space in which clients, associates, customers, or vendors visit, you should always consider the possibility that they can trip over a misplaced box or slip on some uneven flooring.
Injuries may lead to medical attention and possible lawsuits—which can often be financially devastating for a business.
Protecting your assets
As a business grows, so too does its needs. Moving to a new location, adding products or services, purchasing new and expensive equipment— all of these changes should be an indication to examine your existing policy and to determine if you and your business are properly covered.
Getting caught in the tangled Web
In today’s world, a business wouldn’t be a “real” business if it didn’t have a website. These days, the digital world is a marketplace for business and commerce. Creating a digital presence, though, requires attention to detail—specifically, the detail that whatever’s appearing on the business website is not already copyright protected from somewhere else.
Graphics, photos, and words lifted from another source without permission or payment leaves a business wide open to a lawsuit.
Addressing staffing needs
Business is booming, so you’ve decided to increase the number of employees. This would be a good time to take a look at your workers’ compensation insurance to ensure proper coverage. If not, it’s time to increase it.
Taking your show on the road
As a business owner, you may have to drive your car to meetings or between locations—but your personal auto insurance will not cover you if you’re in an accident while en route for your business. Similarly, some businesses may utilize a company car or a fleet of vehicles for deliveries or services.
A solution is to purchase a commercial auto insurance policy.
Conducting regular insurance check-ups
The experts at Avante Insurance can assist you in determining specific insurance needs to start your business, and then revisit those needs as your business grows. If you have any questions about the various types of commercial and business insurance policies for your new or established business, contact us at 1.305.648.7070 or complete our online contact form.