Why Insurance? - 006

Your LLC is a powerful entity designed to protect your personal assets, in the event your business is sued, and to protect your business in the event you are sued personally.

However, the walls of your LLC are actually your last line of defense after everything else has failed.

So what is your first line of defense?  Your insurance.

In this episode I discuss the different types of insurance you may want to consider, depending on where you are in your business growth and what your business does.

I review

·        General business liability insurance and why homeowner’s insurance is not enough for a home-based business

·        Fire and theft for office buildings and business assets

·        Umbrella insurance

·        Errors and omissions and malpractice insurance

·        Property owners and property insurance for rentals

·        Commercial vehicle insurance

·        Publishing insurance

·        Workers’ comp, sexual harassment and crime insurance for employees and non-employees

·        Business interruption insurance

·        Business overhead insurance vs disability insurance

·        Key man insurance

·        Insurance to fund buy outs

I also suggest speaking to your CPA about handling health insurance, (small) life insurance and long-term care insurance funded through the company.

Insurance is one of the foundational elements of your business, even when you are just starting out, so don’t ignore it.