When do you insure a new business?

[Holicent]

When do you insure a new business? Here are some tips to help you decide: Do the math. Before buying insurance for your new business, do the math on how much it will cost and how much coverage you need. Compare that to the cost of premiums and how many claims your business could be involved in.

Don't assume all policies are alike. You may have found a policy with a low premium but limited coverage or one with high premiums but more coverage than your needs. Make sure you understand what's included in the policy and what additional costs you'll be responsible for paying out of pocket if something goes wrong.

Consider insuring your employee's cars and trucks as well. This is especially important when hiring new employees because they may not have insurance now and you don't want them driving around uninsured until they can get their own car registered in their name.

 

[Holicent]

It's a good question, and one that we get asked all the time. The answer really depends on a lot of different factors, including:
- How old is the company?
-How many employees does it have?
-Does it have any existing insurance policies?
-What do you want to accomplish by insuring the business?

In general, we recommend that new businesses purchase commercial auto insurance for their vehicles in order to protect themselves from claims related to accidents or damage caused by driving around town with their vehicles. It's also important for new businesses to consider purchasing homeowners' insurance as well because most states require it for all businesses regardless of size. If you're starting a business, you'll need to consider insuring it. It's important to get coverage right from the start.

Here are other important things to also consider when purchasing insurance for a new business:

1) Does your business have a specific risk?

2) What is your minimum liability coverage?

3) Do you need additional coverage for equipment, inventory or customers?