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Any sensible person starting up their own business, whatever their niche, needs to create a workable business plan. The one area that stumps many people is determining exactly what kind of insurance they need and where to find it at a reasonable cost.
If you are a one man (or woman) concern you may not think you need any insurance at all. Unfortunately, in this day and age that is far from the case. What would you do if your premises were broke into and your computer, possibly the lifeblood of your company, was damaged or stolen? Even if you work out of your own home your regular homeowners insurance might not cover the loss.
Then there is the question of health and disability insurance. You may have been well covered in both areas when you still worked for an employer but now that you are your own boss how would you manage if you were to become ill or injured and what would happen to your business while you recovered?
If your start up business operates outside a residential setting and/or employees others failing to carry adequate insurance is not an option. Though you may not be mandated to provide health insurance (yet, healthcare reform may change all that) you are required in the majority of states to carry workers compensation insurance to cover each person you employ. In fact failure to do so can get your concern shut down, no more questions asked.
Every start up business will have very different insurance needs. The best way to ensure that you are not purchasing too little (or too much) insurance is to work with people who are experienced and knowledgeable about the issues. For the most part any quotes you request will be free and the if you are working with the right people they should be able to come up with an insurance package that is just right for your start up business.
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Source by Melanie J Rivera
