Brian Samberg

In these strained economic times, it surprises me that anyone is even attempting to start their own business, what with a few of the big companies laying people off and even going bankrupt. Despite all that, a good portion of my friends have begun their own businesses within the last six months. I was very surprised to hear that yet another friend of mine has started his own marketing business last night at dinner.

Since some people seem to be doing okay and beginning new companies, I suppose it’s not far fetched for me to post about insuring your home business. If you’re fortunate enough to be able to start up your company, you may not immediately think of insuring it, but you most certainly should. You can’t afford to dismiss business insurance – one mistake could take out your whole operation.

Depending on what type of company you’ve started and how many people work for/with you, you may need general liability, health benefits, business property insurance, business interruption insurance, and workers comp. This sounds like a lot, but these types of coverages can be combined into one policy to save you money.

General liability will cover you if any employees and/or customers who come into your office – whether it’s your own home or a separate building – get injured and file a lawsuit against you. Workers compensation also pays for medical bills for any work-related accidents.

Business property insurance will cover the loss or damage to inventory or equipment if your company is home-based, and it will cover the building if your office is separate. This insurance protects against fire, theft, and weather damage. If your business has to shut down for a few weeks while repairs are being made or some other interruption occurs, business interruption insurance will help cover the income loss.

Starting your own company takes a lot of money, so your employees may be understanding if you don’t provide health benefits. After all, you’re not quite in the Starbucks league yet. However, sometimes employees – no matter how understanding – will take another job simply because that other job offers health benefits. You may want to look into a few options in order to keep your employees.

These plans are a great way to begin your new company. Without them, your business is extremely vulnerable and subject to be “robbed,” and it could only take the smallest lawsuit. You should be proud that you’ve started a business during these rough times – now protect it.

Southeast Insurance is an independent insurance agency in the Boca Raton, Florida area. To learn more about business insurance, contact them today.