A comprehensive insurance plan is a must-have for business owners. Insurance is necessary to protect your company against injury lawsuits, natural disasters or property damage. Many business owners are aware of the necessity of commercial insurance, but aren’t sure where to start.
Know these crucial dos and don’ts of business insurance
Perform due diligence before purchasing a business
As a business leader, you understand the potential challenges that come with purchasing another business. The process may be going smoothly when—wham!—you hit a roadblock. Fortunately, there are steps that you can take to circumvent potential obstacles that come up when buying a business. One of the most important is to perform due diligence.
Create and enforce non-disclosure agreements for your company
Being a business owner in California or elsewhere can be tough. You go through a lot to keep your company going. Sometimes, this requires taking measures to protect your company secrets, your investors and your clients. This is where non-disclosure agreements come into play.
Seeking investors for your startup? Consider these ideas
Entrepreneurs know firsthand the hard work, innovation and expense that it takes to launch a startup. Entrepreneurs also know that no matter how much legwork goes into forming a startup, sometimes it takes additional funding to get it off the ground.
Why cut-rate insurance costs you more in the long-run
As a savvy business owner, you of course want to save money wherever you can. There is little point in wasting hard-won profits on unnecessary expenses. One thing you should never cut costs on, however, is your insurance.
What if my business insurance claim is denied?
There are many potential risks to owning a small business: A customer could be injured on the premises; shoplifters could steal valuable merchandise; a natural disaster could cause expensive property damage. Smart business owners know to buy insurance to protect themselves so that if a worst-case scenario occurs, your business will be covered by its policy.
