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Insuring Your Home

When we started thinking about buying a home, I realized that we had a boatload of work to do. I knew that we needed to save up a down payment, talk with a mortgage broker, and most importantly--figure out what we were doing about homeowners insurance. Fortunately, a friend of mine told me about a great insurance broker in our area who handled that kind of thing. We met with her to talk about our options, and before we knew it, we had found a policy that really melded with our budget and lifestyle. This blog is all about insuring your home.




2 Reasons To Always Carry Business Insurance

Many small business owners wonder if they should get business insurance. It can seem like an unnecessary extra expense and because of that many people think that they can opt out of the insurance to avoid paying extra for insurance. However, that is not the case. It is very important that you always carry business insurance. Here are a couple reasons why.

1. If Something Happens to An Owner, Or Partner, You Need Insurance

Many times the success of the company relies on the people involved. It can be hard to replace them, and so if something were to happen, like if the person were rendered disabled or was killed, your business could be in trouble. For instance, if your engineer passes away, does the company just go under? If you have business insurance, then you can get insurance on the people that work there so that you can at least pay off your debts and investors and walk away from the company without going bankrupt.

Additionally, if one of the partner has investments in the company they need insurance. Assume that this partner passes away and the surviving spouse wants to get the equity that their spouse had in the business. If the business appraises for $100,000 you may need to pay the spouse $50,000. Would you have that money right away? You probably do not have it. If you have business insurance it can help you to take care for situations like this.

2. If You Are Sued, You Need Insurance

One of the main reasons to have insurance is to protect yourself from a lawsuit. Although no one thinks a lawsuit is in their future, there are many people who use lawsuits to get what they want. Thus, you need to assume that there is going to be some sort of legal trouble in the future and make sure that you are protected.

When you have business insurance you can get liability insurance for the business. If at any point you are found at fault for a problem concerning your product, service, or business, you can access your policy to get help paying for the damages. Since these lawsuits can be expensive, this is vital to your companies success. You don't want one lawsuit to be the difference between you closing your doors and staying in business.

By understanding these things about business insurance you can protect yourself and your company.