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INSURANCE
Many
new entrepreneurs underestimate the importance of insurance,
as well as the costs involved and difficulties that
can be encountered in trying to obtain insurance. It
is recommended that you obtain a qualified insurance
agent at the same time that you obtain an accountant
and lawyer so that the three of them can help you make
important business startup decisions together. Make
sure the agent you choose handles businesses like yours.
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Some types of insurance that you may need for your business
are:
- General liability to protect your company's assets from lawsuits.
- Commerical Auto to protect your business
from auto related losses (liability and physical damage).
- Commerical Property to protect your company
from losses caused by fire, wind, flood, theft, etc.
- Worker's Compensation to protect you from
claims by employees who are injured on the job.
- Business Interruption and Extra Expense to
pay for lost revenues due to damage to your premises.
- Boiler and Machinery to pay for repairs
of broken elecrical and mechanical machinery.
- Inland Marine to protect your business property
while it is in transit or away from your premises.
- Group Health to insure your employees health.
Click HERE to
see a Health Insurance options matrix. Florida has an open-enrollment
program each August for an October start (pregnancy is considered
a pre-existing condition for this program).
- Life Insurance for funding buyout agreements
and Key Man losses.
- Disability to protect you from disability
situations.
- Flood to protect your assets from flood
damage.
- Product Liability to protect you from lawsuits
stemming from customer use of your products.
- Builders Risk to protect you while your
building is under construction.
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SCORE
is a Resource Partner with the U.S. Small