It is both exciting and somewhat intimidating to be starting your own business. The saying that makes this point for what it feels like to start a business goes like this, “The only one who does not look forward to payday is the business owner.” The other idea is that the worst boss you will probably ever have is when you work for yourself.
Money is going to be tight when you start a new business until it gets going well enough to create sustainable cash flow. You will work harder than ever and do as much as possible by yourself as you can. It is tough; however, it is worth doing for the satisfaction you get when you succeed. Having adequate insurance will help you focus on the business and not worry as much about the risk of uncertain calamities that may occur.
Commercial insurance is a category of expenditures that you must-have for your protection. It is a broad category of different insurance products. Some insurance is required by law or by professional standards.
For a business that has any employees, you will need to have workers’ compensation coverage. Every business should have general liability insurance to protect against the risk of harm caused to customers or others by the business operations.
Licensed professionals will need to have professional liability insurance. To operate any vehicles in the business, you will need to have commercial vehicle insurance.
Other insurance is optional but normally required. If you lease or own any commercial property then you will want to have property and casualty insurance.
To produce or distribute products you will want to have product liability insurance. Business interruption insurance is worth considering because it provides money to keep the business going if it cannot operate due to circumstances beyond the owner’s control, such as a natural disaster.
There are also custom insurance policies that can be put in place to cover special risks such as cyber-attacks or terrorism. Talk with your agent at Partners Insurance & Financial Services Inc. serving Huntington WV and the nearby area about any special considerations that you may have.
Finally, there is umbrella coverage, which extends the policy limits of other policies and may cover things, which are not otherwise covered, such as a discrimination lawsuit and may cover the legal expenses if you face a lawsuit.
To get help and a quote for all your commercial insurance needs, contact an agent at Partners Insurance & Financial Services Inc. in Huntington, WV.