In today’s world, many of us have more than one career. Often, that second or third career, is as a new business owner. For some the new career is post retirement. As a result, if you are 65 or older you will qualify for Medicare. But, what about the other insurance that is important to owning a business. Have you thought of that?
Here are some coverage options to consider
Business Owner Policy (BOP)
Start with a BOP, or business owners’ policy. It might include a variety of different coverage such as liability, employees’ liability, vehicle coverage and more, rolled into one package.
Even Home Businesses Need Coverage
Some business owners who work from their home might think that they don’t need insurance at all. Depending on the business that’s not true. For example, what if you run a furniture-making business out of your garage? Keeping all of your products and supplies out there. A homeowner’s policy won’t cover your stuff if there is a fire or flood in your garage.
Assess Your Risks
To know what coverage is right for you, whether you’re just looking at different BOP coverage or other plans altogether, you need to know your biggest risks. If your business is one that operates mainly online, then you might need plans that cover online activities such as cyberattacks. But, if you sell products, such as custom-made furniture, you’ll probably want to investigate products liability.
Cover Your Employees
If you hire employees, then you will need coverage for them. Workers’ compensation requirements vary by state, but you may be forced to have this type of coverage for your employees. Even if it’s not a legal requirement, it may be a good idea depending on the type of work your team members are tasked with.
Don’t Overlook Freelancers
A common error when it comes to workers’ compensation insurance is companies that don’t offer coverage for freelance or contract workers. Just because you send them a 1099 form at the end of the year doesn’t mean they’re not an actual employee. That only matters when it comes to taxes.
Check Your State Requirements
You also need to look into your actual state requirements, since they vary throughout the country. Give us a call to help find out what type of coverage you need. It’s important to stay compliant with all of the legal requirements.
Look Into Specific Industry Coverage
The different types of insurance described are really just the tip of the iceberg. There are many more specific types of coverage that may benefit your business, your employees (if you have any) and yourself. So look into the types of coverage that may be most applicable to your business and the type of work you do. Also, if you are not over 65 you will need health insurance.
Give us a call and we can help you move in the right direction with all your insurance needs.
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