The reading level for this article is All Levels
So now that you have your business up and running, it is time to get started on applying for an insurance program. Businesses need insurance not only because it is an exceptionally good idea to protect yourself and your legal assets, but you also need to have insurance for immediate legal purposes, as almost no state in the country will allow you to run a large organization without a requirement of coverage.
What will you need in an insurance program? Business for these purposes typically require a variety of different kinds of coverages, depending on their individual needs. Nearly all businesses will need some way of protecting themselves from property damage, false advertisement and potential bodily injury. This is what is typically referred to as general insurance, but the size and nature of the insurance premiums vary widely from industry to industry. If you are a professional organization, you will probably want to have protection against errors and omissions, so that the negligence that might be incurred by your law firm, medical office, brokerage or whatever can be covered in your insurance program. Businesses that manufacture potentially dangerous goods require a degree of product insurance to avoid issues that result from product malfunction, and lastly you will need some kind of employment practices insurance if your organization is large enough that it warrants it.
You also will want to use netquote to compare the quotes of your insurance program. Businesses like these can also be scrutinized on JD Power or on your state’s department of insurance to see if there are any judgments against them. This will ensure that the insurer you get plays by the rules and doesn’t give you a hard time.