Do I Really Need Insurance If I'm Starting My Own Small Business? - Farmer Brown Insurance Agency - Contractor Talk

Do I Really Need Insurance If I'm Starting My Own Small Business?

 
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Old 02-18-2020, 04:38 PM   #1
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Do I Really Need Insurance If I'm Starting My Own Small Business?


The hardest thing you already did. Creating a company, no matter how small is one of the most important steps an entrepreneur can take, and we know how difficult it is to make that dream come true and how much work it has cost. Many new companies and small business owners do not know if it is necessary to obtain insurance or even if they know it, they are not sure what type of insurance is the most appropriate to acquire for their company.

When you start your business, you realize that each business has slightly different needs, and it is very important to know which type of policy is the best to cover all the risks that your company has. Take care of your company and keep growing. It is essential to have the best insurance so that you can work with peace of mind and thus not worrying about theft and fire, civil liability or if you have employees or a single employee you need worker's compensation insurance.

What kind of insurance does a small business need?

There are many factors that make each company have different coverage needs. It is important to know the needs of your company and the types of policies that cover those needs. That is why we will help you to know the types of insurance most appropriate for your business and what are the benefits that these insurances can offer you.

General Liability Insurance

If your business has the possibility that as a result of your work someone is injured or suffered some type of accident and you want to sue either while you are doing the work or even when your work is already finished. The General Liability insurance will protect you against this type of circumstance in addition to covering the expenses that you will have to pay to be able to solve this situation and help you legally if it is presented before any type of judicial problem related to your work. In addition, if your work accidentally causes damage to someone else's property, you can be calmer knowing that this insurance will protect you and cover the costs of the repair. And knowing this, do you think that General Liability insurance is one of the insurances that your company needs? It is better to make sure than to lament.

Worker's Compensation Insurance
We know that it is a small company and does not have many employees yet, but even so, if you only have one employee, I knew that in most states Workers' Compensation insurance is required by law. And even more important if your company is in the field of construction or jobs that require some type of physical effort or handling of materials that can cause damage in some type of accident. In addition to being required by law, this insurance protects you, your company and your employees with the medical expenses that you have to require when any type of accident arises, and you do not face losses in the income of the company. Your worker will feel much safer if he can have the necessary medical attention in the event of an accident and can perform a good job with peace of mind and safety.

Commercial Auto Insurance

If you are using your car in favor of your company to be able to transport your materials and go to the place of work that your client requires, it is necessary that you acquire Commercial Auto Insurance. This insurance will grant you protection against damages in a car accident whether this accident causes bodily injury or any other type of damage to the property. When causing this type of accident, if you do not have insurance you can lose a lot of money in medical expenses in the accident or in the cost of repairing the car or machinery that you are transporting, and all this can cause you to spend a lot of money. Get this insurance and save yourself all these problems.

Umbrella insurance
Since you own a small business it is possible that the losses in any incident exceed the coverage of your insurance. That is why it is important to have this type of policy that will help you have a greater coverage of your insurance. With Umbrella insurance you can cover your company up to $ 10 million in protection above and beyond the limits of other insurance policies you are acquiring.

These policies are the main ones that a company that is starting should consider. Now that you know more about insurance, do not let your dream fall apart. If you want to know in more detail or if you still have some questions about these types of insurance already mentioned, we let you know that we have a learning center for you where you can find a blog and a lot of information about the insurance we offer you and so you can know about which is the most appropriate insurance depending on the needs of your company.

Do not take a chance

A company is something that needs to be insured. There is more at stake than you think. No matter how small your company is, there are always risks, even if the monetary or material loss is as big as that of a small company, it is large enough to be extremely painful.
Whether it is a big or small company it is important to know that you have to take care of it because, as always, there are risks, that no matter how you try to avoid them or prevent them, they are sometimes unavoidable, that is why the best way to work with peace of mind that your business is safe from these types of incidents is to have the right insurance to cover all the needs of your business.
Nobody expects a disaster to happen to your business. But all companies are vulnerable to a catastrophe or even a big court trial. And for a small company even more, since without insurance you would be running a great risk of losing everything just starting with your business. Now we know that it is better to be sure than to regret it, right?

Why choose us?

We know how difficult it is to be looking for good companies that provide quotes for your insurance, and these companies have very expensive insurance and do not inform you or give you the right information to make the right decision. That's why we'll tell you why you should trust us:
  • We are a company that constantly helps businesses save money on insurance. We help especially small companies because we are happy with your progress, and earning your trust and loyalty is our priority.
  • We have specialized agents that you can call at any time so you can get advice on policies and coverages. We as a company want you to learn and report on insurance so that other companies do not take advantage of the lack of knowledge and want to charge you more or sell insurance policies that are not appropriate for your company.
  • We only work with A-rated companies, it is something our insurers have in order to give them the best insurance at the best price.
  • We have the best quotes are also free, and you can get a quote at any time and through our website or communicating with one of our agents to provide all the information you need.

What do we offer you with our service?
Choosing the type of insurance can be very exhausting and difficult for that reason we want to provide a fully specialized service. It is crucial that you consult with one of our insurance experts in order to correctly evaluate all your options before deciding. We will assure you that with our service you will obtain:
  • A clear, simple and designed insurance policy specialized for the needs of your business.
  • A fully qualified and certified agent that will guide and answer all your questions during the process.
  • The ability to negotiate with the best insurers to obtain the best solutions for you
  • The security of working with rating companies A.
  • Claims representation services 24 H.
  • The best online quotes you can find for your business.
  • Easy payment options.
  • Support and continuous monitoring of our team of professionals.
  • Peace of mind and big savings in insurance for your small business.
  • The best attention to detail and customer service you can find.

Our service is quality, and we are always available to the client, we listen and read your options through our social networks, to improve and improve each day to give the best insurance you can find. Trust our service, and we will save you a lot of money on your insurance.

I hope this information has helped you with all your questions about obtaining insurance for your company, but if you still have more questions regarding the types of insurance we offer, please contact one of our agents and get a totally free quote, call at 866 225 1950 - or fill out our form for a free quote.
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Old 02-18-2020, 05:28 PM   #2
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


I saw the thread title and thought it was an honest question and not from an insurance vendor.

Initially, I was going to respond with a little bit of humor in that the arch nemesis of everything going right, Murphy, scours the Internet looking for people who don't think they need insurance. Asking the question, "do I need insurance?", is like sending up the bat signal to Murphy

I have witnessed too many times where people set themselves up on the razors edge and cut corners on things like insurance only to have incredibly bad luck or timing. A good friend of mine had all his tools stolen out of his trailer and had no insurance because he thought that was throwing money away. It turns out one of his former employees, who indulges in methamphetamine recreationally, was one of the culprits in stealing his tools.

Because we are such a litigious country it forces businesses to protect themselves and insurance goes a long way in doing that.

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Old 02-18-2020, 05:36 PM   #3
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


Thanks for your reply. You raised a good point about coverage for tools and equipment. May times Inland Marine coverage is over looked. Inland marine insurance is what they call coverage for tools and equipment. It is not that much, but as you pointed out if your tools are gone you can not work. If you you can not work you will not have money to buy new tools.
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Old 02-18-2020, 05:46 PM   #4
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


Delete this thread

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Old 02-18-2020, 05:48 PM   #5
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


If you're going to advertise on this site, pay the owners to maintain the site

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Old 02-18-2020, 05:53 PM   #6
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


WE do that is why we are Site Sponsors.
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Old 02-18-2020, 06:04 PM   #7
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


Excuse me and I apologize

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Old 02-18-2020, 06:59 PM   #8
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


Clickbait thread titles are going to get you as much business as pissing on your customers while they try to write a check.

Iím round the corner at 212 w Washington. Chicago sucks. Lol
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Old 02-18-2020, 07:40 PM   #9
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


atleast if any one asks if they need insurance we can just send them here.

Just like the how do I price jobs thread.

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Old 02-19-2020, 04:01 AM   #10
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


While I am glad you are a supporter of this site we all enjoy daily, you would get better feedback if you participated in the forum at large.

Maybe a post in introductions to introduce us to you and you products. Most of us are professionals and have insurance, so don't really need a beginner's intro to insurance.

However, it is a good thing for new people and even non trades folks who wander in to the site to see the reasons for insurance and hiring a contractor with insurance.


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Old 02-19-2020, 04:35 PM   #11
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


Wow tough croud!


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Old 02-19-2020, 04:44 PM   #12
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


I understand, It is okay. They take pride in forum and they do not want people mucking about spoiling it. That is why we chose to advertise here. I do think I can help with insurance questions. My real expertise is in getting companies bonded to get government work. Getting bonds for under $400,000 is as simple a one page form with your name and address and business address. If your credit is above 700 that is all it takes.
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Old 02-19-2020, 07:56 PM   #13
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


Just wondering, why do credit scores changes insurance rates? Besides more profits, any real resources or data that.. show lower credit = higher rate of claims?

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Old 02-19-2020, 08:46 PM   #14
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


Quote:
Originally Posted by cedarboarder View Post
Just wondering, why do credit scores changes insurance rates? Besides more profits, any real resources or data that.. show lower credit = higher rate of claims?

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Changes bonding rates. Totally different animal. It's about your ability to pay it back.


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Old 02-20-2020, 11:02 AM   #15
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Re: Do I Really Need Insurance If I'm Starting My Own Small Business?


Quote:
Originally Posted by cedarboarder View Post
Just wondering, why do credit scores changes insurance rates? Besides more profits, any real resources or data that.. show lower credit = higher rate of claims?

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Credit score really does not come into play that much in larger commercial insurance policies. It is more claims based. Generally credit only applies to personal lines policies such as homeowners or personal auto. Now with that being said there are some companies that give better rates rates to artisan contractors with good credit. The theory behind it is people with better credit have fewer claims. These are just general thoughts not absolutes.

Bonds are very similar loans. You ability to complete a job is directly related to your financial situation. If your credit score is low it makes getting bond difficult. Just an FYI they always need the personal credit score of the owners.

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