Depending on how you have set up your small business, your own personal property could be on the line should an insurance policy not cover any type of accident or unlawful conduct that takes place. If you have a lawyer on retainer then you probably already know that you must carry certain types of insurance that are required by the law. There are also other types which are recommended as well to protect all of your assets in the case of needing to rely on your insurance policy. Take note that there are ways to make your Business Insurance Brighton affordable and cover even the remotest of incidents.
Insurance is a peculiar business in which you pay a monthly fee for a policy that you hope you will never have to use. Both on the state and the federal levels a business must be covered for certain liabilities but it is also a recommendation that, depending on the type of business, you are also covered for other accidents as well. Liability insurance in the form of general, product, professional, commercial, and home-based policies are necessary. Check with your local Sawyer Insurance Agency Inc. for the exact legalities for what a new business must carry in order to get started.
In addition, there are insurance requirements that an employer must retain if there are any employees hired for the business. Worker’s compensation, unemployment and disability are the three main types of insurance that pertain to employees. Not all of them are required such as disability which is only required in six states but it is a good policy to include in an umbrella policy.
Most Business Insurance Brighton companies have umbrella policies in which the general liabilities are covered for the particular area or business you are involved in. If you have been involved in any capacity with your business prior to owning it, you may have your own concerns which may cause you to increase limits in particular areas. This is where being a business owner is empowering because you can protect your business or employees in ways which may protect your assets and make your business thrive where others may fail for lack of planning.