Backyard Entrepreneur^TM

Insured

Precaution is better than cure.  --  Edward Coke  

At some time or another and to varying degrees, you and your business will need insurance -- life, health, property, and/or casualty. 

Property & Casualty Insurance Considerations

Business insurance buyer is another of the many hats you must wear to get your business started. You should check with your insurance agent or broker regarding any declarations you may need to make to underwriters about your commercial activities. 

Your homeowners’ insurance policy may provide limited liability coverage for business exposures, or you may be able to have the policy endorsed to provide the needed coverage, for an additional premium.  On the other hand, it may be necessary for you to purchase a commercial package policy or a stand-alone commercial general liability policy.

Your personal auto policy may also need to be amended to reflect business exposures.  Or you may need to consider purchase of a business auto policy, which should provide coverage arising out of owned vehicles, hired vehicles or non-owned vehicles used by you, or by your agents or employees.

If you have a personal umbrella policy, it may need to be amended to reflect any changes in underlying coverages, and the schedule of underlying insurance may need to be updated.

The above is not to be considered legal advice, nor is it to be considered a comprehensive list of insurance policies or coverages which may require your consideration.

Health and Life Insurance

Another considedration is health insurace.  if you are not covered by another policy, you will have to be self-insured. Protect yourself.  Do not depend on the government to cover you.  It is important that you have money to sustain yourself and your business before you cut all ties to parents or another job. 

Life insurance is important if you have others who depend upon you for support.

© Backyard Entrepreneur^TM 2007

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