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Insurance for your emerging business

small business insurance

If you are like many business owners I know, you launched your business because you are passionate about your field and the products and services you offer. You enjoy creating your own destiny as an entrepreneur, but with that comes some of the drier and duller duties of business operations.

Insurance is one of those necessary business duties (although, if you are in the insurance business, you might disagree with my “dry and dull” comment above). It is one of the many areas of business formation and growth that can be eased by a business attorney. Your attorney can help you review the types of insurance you need, the appropriate levels of coverage and review your existing policies for any coverage gaps.

Insurance that might apply to your emerging business includes:

  • General liability. This insurance covers a variety of circumstances, including accidents and injury, medical expenses, property damage, slander and more.
  • Property insurance. If your business owns commercial property, this insurance will cover damages from events like fire, weather and vandalism.
  • Product liability. Depending on the product you offer, you might need product liability insurance to protect your business in the case of customer injury.
  • Professional liability. Medical professionals and others may be required to carry additional insurance for malpractice or other lawsuits.
  • Home-based business insurance. If you work from home, you may need coverage in addition to your homeowners’ policy to insure your business assets.

Additional business insurance options include:

  • Director an officer insurance. Known as D&O insurance, this type of policy covers any liability related to the activities of your board members and officers while working on behalf of your business.
  • Key person insurance. If your business relies heavily on the work of one or more key people, you might need coverage in the event of that person’s death or disabling injury to offset financial losses.

If you are wondering what type of insurance and how much coverage your business needs, or if you would like a review of your existing policies, contact EmergeCounsel today.