229 | Which Business Insurance Do You Need? with Katie Hunt
Insurance. It’s admittedly one of the least fun parts of owning a product based business, but it’s also one of the most important.
No one wants to imagine a disaster in their business, but they happen, and it’s best to be prepared. If you’re unable to work, your business gets sued, or your equipment breaks, you’ll be glad you set up a safety net well in advance.
And not only does insurance protect your business, but it also protects you and your family. Imagine if your child got sick, you got hurt and couldn’t work, or your family was faced with a major medical bill. In times like these, insurance can make a world of difference.
While business and personal insurance might seem daunting, it isn’t as complicated or expensive as you may believe. With the right insurance, you can protect your business, your family, and yourself. That way, you can focus on your goals without worrying about the what-ifs.
If you’re exploring your business insurance options, be sure you invest in these main types:
General liability insurance.
This type of insurance provides basic protection from claims made against your business. It’s a basic necessity for all businesses, big and small.
“All businesses should have general liability insurance.”
Business owners policy.
This policy includes general liability insurance and protection of property, like real estate and equipment. While this might not pertain to your online business, it’s always best to check with an insurance professional.
Workers compensation insurance.
This is protection for any employees who get injured or sick while on the job. For example, if you’re a letterpress company, there is a small risk your employees could be injured while working with your machinery. Workers compensation insurance would then assist with their medical bills and any time they had to take off work for their injuries.
Short-term liability insurance.
This usually only applies to businesses hosting one-off events that require additional insurance. If you were hosting a craft fair, for example, it would protect you in the event someone hurt themselves on-site.
“Insurance doesn’t take as long to set up or cost as much as you think.”
Personal insurance.
This includes health, vision, dental, disability, and life insurance. Many small business owners are intimidated by finding their own personal insurance, but groups like The Freelancer’s Union make it easy and affordable to insure yourself and your family.
We can’t totally avoid accidents in our businesses or personal lives. But as product based business owners, we have the power to prepare for the unexpected. With a little research and support, you can take the necessary steps to protecting what matters most to you.
Share These Quotables on Pinterest
Connect with Katie Hunt
Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.
Website: prooftoproduct.com | Instagram: @prooftoproduct
you might also like:
