Insurance at Start-up
I am a new business that is in the start-up process and I am operating out of the home until I am able to grow the business. I wanted to know do I need to have insurance for the business.
It is always a good idea to protect yourself and your business from liability. Depending on the type of business you have it may be not only a good idea but a requirement and your client may require it. I got a liability policy when I started my business to protect against those unforeseen possibilities. I suggest consulting with one of the SBRN Insurance Specialists to look at your business and recommend some coverage.
Depending is this business going to run from your home and if you have clients coming to your house, check your homeowner policy and also depending on type of business.
There is not an easy answer to that question. The type of business makes a lot of difference, perhaps you just need "Errors & Omission" or General Liability - Work Comp if there are employees, etc etc, An insurance broker that specializes in business if your best resource. Setting up your books is VERY important too. You want to know where your $ is coming from and going to!
If you have employees you may need a workers comp policy. If you see clients at your home an "All Perils" umbrella policy for liability may also be a good idea. I recommend you visit a reputable insurance broker or agent to.discuss limiting your personal liability. People.play rough these days . Also, please secure the services of a food CPA to ensure your financial records and tax filings are set up correctly from the beginning. It will eliminate headaches down the road. Best of.luck!
Depending on the business type, you may or may not be require to have insurance, I will also like to know what type of business you are developing.