Insurance Tips for Your New Business
Protect Your Starting Business with These Insurance Tips
Starting a new business is an adventure. There are so many moving parts to address to get things going, that some may slip through the cracks. One of them could be your insurance needs.
Thinking about what your business needs in terms of insurance can be a little overwhelming, especially when you’re starting. Here are some insurance tips for your starting business.
Don’t Neglect Your Home Business
You might not think so, but even if you base your business out of your home, it still needs insurance overage. Imagine if you keep your products at home and there’s an event that affects your production —like a fire or a natural disaster. Your homeowner’s insurance won’t cover that. It is a risk that is not worth taking.
Evaluate Your Policies and Insurance Needs Over Time
As your business grows, your insurance needs are likely to change, which means your policies need to change too. Outgrowing your policies and not doing anything about it can jeopardize your business.
Protect Your Employees
If you have people working for you, they need to be covered by insurance. There are specific worker’s compensation requirements for your Colorado business that you should look into to ensure you comply with the law.
Insure Your Products
Of course, no one thinks their products are unsafe, but things happen, and that’s something no one can control. If you offer any product that could potentially harm users, like toys or food, you should get product liability coverage.
Go for an Independent Insurance Agency
Businesses have a long list of insurance needs. To ensure you get the best coverage for the best price in the market, “shopping around” is a good idea. An independent insurance agent can help you get quotes for different products from a variety of insurance companies to help you find what works best for you.