Finding the Right Business Insurance
Owning your own business comes with many different responsibilities and demands. As a business owner, you need to make sure you are properly protected. Some business owners start out working from home, others rent or lease office, warehouse, retail, or foodservice space. No matter what stage your business is in currently, make sure you, your business, and your business property are properly protected.
Business Liability Insurance:
Whether you own or lease protect yourself from potential liability from an accident or injury!
Business Premises Insurance:
In the event of a catastrophe like fire, water damage, wind, extreme temperatures, loss of power or a host of other possible issues, make sure you are covered.
Business Property Insurance:
Do you own computers, furniture, fixtures like artwork, whiteboards, TV's, projectors, or other property? Protect this expensive equipment whether you rent or own your building.
Errors & Ommissions (E&O) Insurance:
If you work in a profession where you provide professional advice your clients count on you most likely need E&O insurance. If you make a mistake or your advice causes harm this type of insurance can protect you.
Business Life or Disability Insurance:
This type of insurance is called "key-man" or "key-person" insurance. This will protect you if a key employee or an owner is disabled or prematurely dies! Ask an M3 guide how to protect your business from the unexpected loss of a key employee or owner.
When you have partners who have helped to build and grow your business you will want to consider Buy/Sell Insurance. This will provide a guaranteed payout to their heirs or survivors and will keep them from becoming your new business partners. If you have a business partner, we can help!
General Business Insurance:
Watch this video to get additional information about the types of things you need to be aware of when purchasing business insurance.
Important Questions to Consider:
- Do your heirs or your partner's heirs have experience with the day‑to‑day operations of your business?
- If your business partner were to die prematurely or become disabled would you have to sell?
- If you had to pay your partner's heirs for his share of the business do you have the money?
- How much is your business worth today and what will it be worth in the future?
- How much would it cost the company to replace your business partner or a key employee?
- Do you have the money to replace your business partner or your key employees?
- Is there someone who is responsible for the majority of your intellectual property?
- Is there someone who is responsible for the bulk of your sales?
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