Here are things for you to think about:
- You’re exposed to risk as soon as you start doing business.
- Business insurance helps cover your risks.
- You can get basic coverage now and increase it as you grow.
- Business insurance can help cover potential losses in the event of a lawsuit.
Question I’m just starting out in business and don’t know whether I’ll be successful. My company doesn’t even own any hard assets yet. Do I need business insurance at this early stage?
Mickey Manley II is a Farmers Insurance® agent in Omaha, Nebraska. He talks about the importance of business insurance.
Answer From the moment you go into business, you’re exposed to risk. You might not have any property to protect yet, but your liability exposure starts immediately.
New business owners often tell me they plan to get insurance once their business grows or has assets. I would consider budgeting for insurance from the get-go. You can get a basic policy now and beef up the coverage as you grow.
I know how important it is to keep costs low when you’re just starting out, but business insurance should be an important part of your financial planning. For example, a lawsuit could result in serious financial losses — and can even be financially devastating.
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