The fact that a company is not a traditional brick and mortar business does not mean that he can not go without business insurance. Even a home business needs insurance. Many people think they are already covered by their homeowners policy when they work outside the home. Unfortunately, it is not as simple as most policies contain proprietary business exclusion in the provisions of the standard policy. Instead, they should consider the aspect of responsibility for both general liability and professional liability of small business can have.
I recently attended a Small Business Expo which included a group of local experts. Even after working in insurance for 14 years, it amazes me always consider the needs of a small business is beyond the supply of every day - all these things behind the scenes that set the foundation for a successful business: the creation of an entity, branding, marketing and current insurance. Social media has also made it very accessible for many people to turn a hobby into a business very quickly. For example, I'm sure there's someone you know who is peddling crafts vintage markets, festivals and community gatherings, or maybe they sell online. Have they stopped to consider the risks of their business exposed to? Their insurance needs might be?
A speaker from the panel offered some advice to those who own or are looking to start a small business. He explained that the exhibition of a small business could face are unique and different for each company. And as every business is a little different, there is not a cookie-cutter solution that fits all small businesses' needs. If you or someone you know, own a small business, it is highly recommended to make an appointment with an independent agent to discuss trade shows and coverage needs. Here are some "what if" questions to consider that can help guide the discussion:
- What if my tent or canopy collapses on a customer
- What if my shots display? more on another provider?
- What if my product breaks a law of copyright?
- What if my product hurts someone?
- What if someone trips or falls when they are up products from home?
regardless of size or industry, all firms face a potential risk and an independent insurance agent can help you find the right coverage to meet your unique needs. What advice do you have for someone who may have, or be at the start in research, a small business?
The covers here are described in the most general terms, and subject to the conditions of real political and exclusions. For the actual wording cover, conditions and exclusions, see the policy or contact your agent.
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