If you are considering starting your own business, there are a number of boxes that need to be checked off before opening day. An experienced business formation lawyer can help with this. If you are the do it yourself type, one of those boxes should be acquiring business insurance.
New business owners often make mistakes when applying for business insurance. We have put together a list of some of the most common mistakes you will want to avoid.
Failing to read the policy
This is a simple mistake, but it can turn into a big problem down the line. You should read the policy from the first word to the last. Anytime you sign a contract, it is important that you know what you are getting into.
Limits are too low
New business owners are not always aware of how little or big their policy should be. Carrying a large policy may seem unnecessary, but if someone is injured on the premise of your business, you could be in for a large lawsuit.
Failing to purchase Business Interruption Insurance
Business Interruption Insurance may seem unnecessary while your business is up and running, but if something goes wrong, who is going to cover your expenses?
We hope that you are able to take something away from this blog. Remember it’s always better to have a plan B and not use it, rather than not have a plan B when it is needed.
Check out the video below for more information on business insurance: