There’s nothing like the feeling of the first time you tell someone that you’re self employed. For many, it’s both a liberating and terrifying experience. It’s no secret that saying you’re self employed and staying that way are two very different things. With hard work, determination and the ability to persevere through adversity you are on the right avenue to business success. Unfortunately, many new business owners fail to fully grasp the risk they inherit when providing services or products for others.
Properly insuring a new business is just one of many administrative issues that gets overlooked in the beginning of a start up. This is often quite counter intuitive because aside from ordinary payroll, insurance premiums are usually one of the larger financial burdens that a business is faced with.
What are the basic coverages a new business should consider for insurance?