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Buying Business Insurance

By Shirley Frazier
Sweet Survival/


Most people would not walk on a tightrope without a net beneath them. Even the most-experienced acrobat feels better with security.


This example is similar when considering whether or not to buy insurance for your business. Are you willing to invest in peace of mind, or do you prefer taking a chance without insurance, hoping that you'll dodge lawsuits that not only disrupt business but also terminate ownership of all your family possessions, especially if you're a sole proprietor?

I've personally seen the effects of not buying insurance coverage, and I can tell you that leaving the home where you've become accustomed to sleeping every night, with nothing except the clothes on your back, is a frightening experience. That's a situation you don't want to happen, whether you live alone or have a family.

You deserve to profit from business. You also deserve to protect yourself and your family from potential liabilities associated with that business. That's why researching and buying insurance is an important part of your business plan. Insurance helps to:

  • Protect your personal assets from loss

  • Provide peace of mind as you build your empire

  • Qualify you to apply for projects that require liability protection


First, you must determine what type of insurance to purchase. Then you must decide how to structure each part of the coverage.


Thankfully, a reputable insurance agent who specializes in your type of business will know the standard policy structure and be able to make changes, if needed, for special considerations.


My first insurance policy included:

  • *$1 million protection against product liability

  • *$30,000 for property liability

  • *$10,000 for off-site liability coverage

The policy cost $350 per year. I purchased the policy from a firm that specialized in small business coverage. My firm was located at home. As I researched insurance policies, I overlooked contacting my homeowner's carrier.


I later learned that the carrier did not offer rider policies, which is the common name for coverage when a business is set up within the home, and the insurance company insures both entities.

Insurance policy costs vary between carriers and geographic locations. I've heard of costs between $150 and $350 per year. No matter what the cost, coverage is worth your peace of mind.

Where do you begin looking for business insurance?

1. Ask businesses within your industry for references.

2. Make inquiries through industry associations.

3. Check large warehouse stores for insurance options. You may qualify for a policy whether or not you're a member.

4. Call the carrier that covers your home to learn if they provide business insurance riders.

It's easier to sleep at night once you find, review, and sign the policy. But the job's not done. Each year you must review your coverage to learn if more or less is a better choice.


Also, stay updated regarding carriers just in case another company offers a better policy. Be ready to change firms if it makes sense without unnecessarily cutting corners.


Need more insurance help? In Legal Tips to Keep Your Company Out of Court, Robin Gronsky, small business attorney, explains 25 ways you can stay on the right side of the law. This CD is your insurance primer.


You won't find this information anywhere else except on this CD.


Click here to read more about Legal Tips to Keep Your Company Out of Court




2006 Shirley George Frazier. All rights reserved.

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