It’s useful to speak to an bookkeeper during the first phase, because they can supply professional advice in the amount of different areas related to running your business. It is possible, however, to have a basic understanding of what the insurance companies are, what types are available and what are the types you might need before you meet with an accountant or lawyer.
We discuss four general types of business insurance: property, liability, worker’s compensation and specialized liability insurance. Property insurance is required to protect buildings or other property belonging to the company, and is generally not needed by consultants, unless you are working on a physical office that belongs to you, or if you use very expensive special equipment. Worker’s compensation insurance is necessary when you have employees, and is used to protect you against pretensions filed by employees who were damaged on the job. This coverage will include medical costs to pay for medication of injuries received on the job, as well as lost salaries due to the employee not being able to work as a result of the injury. General liability insurance include harm to persons or property caused by the mistakes you made during your work. Every company should have a general liability insurance as a prudence.
You should know about several types of specialized liability insurance. It includes errors and omissions insurance, aka professional liability and insurance for directors and officers. May be you will demand this type of insurance, it will help you to be sure about Errors & Omissions Insurance.
May be you can begin with regular talking with your insurance company to see if they offer business insurance. Otherwise, they may have a recommendation from a colleague who deals with insurance companies and are well informed.
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