Starting your business gives you plenty to do and think about. You must develop a legal corporate structure, set up your tax ID, register with the state, determine a location, hire staff, set up your accounting system and buy insurance.
Each industry is different, but the best way to start is to understand the specific risk exposures you may encounter. Consider the worst-case scenario, then decide how to address each situation. If the risk is too great for you to handle alone, you should look into insurance coverage for your protection.
COVERAGES YOU SHOULD CONSIDER FOR YOUR OPERATIONS:
Commercial auto: protects a company’s vehicles and vehicles that carry employees, products or equipment.
Property insurance: covers building and business personal property, including office equipment, computers, inventory or tools for protection from fire, vandalism, theft, smoke damage, etc.
Liability insurance: provides both defense and damages if you, your employees or your products or services cause — or are alleged to have caused — bodily injury or property damage to a third party.
Cyber liability insurance: protects from emerging risks related to technology; provides coverage in the event of data loss of sensitive or non-public information and all of the compliance requirements and legal action necessary following a breach.
Business interruption coverage: provides for payment if your business can’t operate due to a covered loss.
COVERAGES FOR PROTECTING YOUR STAFF:
Workers’ compensation: provides wage replacement and medical benefits payments to employees who are injured on the job.
Group health insurance: Plans can cover hospital visits, doctor visits, surgeries, prescriptions and possibly vision and dental.
Disability Insurance: provides compensation for employees unable to work in the event your employee is injured or has a lengthy illness.
Group life insurance: provides for the families of employees and also can be used as a method of perpetuating your business.
Angelyn Treutel Zeringue is president of SouthGroup Insurance Services, a CPA, PWCAM, CBIA and a licensed Trusted Choice insurance agent. Reach Angelyn at www.southgroupgulfcoast.com, (228) 385-1177 or azeringue@southgroup.net.
