Do I need insurance advice?
Yes! You need insurance advice before you start your business!
Schedule a one-hour consultation with a business insurance agent to discuss the following topics. Research these topics on the Internet before meeting with your agent. You will better know what follow-up questions to ask and better understand the answers.
During this consultation, determine to the best of your ability what insurances you will need. Ask your agent to work up a price quote. This cost is an important piece of information needed to determine 1) if you want to start your own business and 2) the amount of your start up costs.
TOPIC ONE: What types of insurances are available?
a. Make sure to cover property, business liability, professional liability, inventory, automobile, umbrella, worker’s compensation, health, accident, disability and life.
TOPIC TWO: Do I need any special insurance policies?
a. Are there any special insurances for my industry or product line?
TOPIC THREE: Are there any special insurances I am required to carry by other parties?
a. For my industry or product line, are there any special insurances I am required to carry by these outside parties?
TOPIC FOUR: How will the location of my business and home office affect my insurance requirements and coverage?
a. How will your homeowner’s insurance be affected if you have a home office, perform company “office work” from your home, have clients/employees/vendors at your home, store business property and/or records in your home?
b. How will your business insurance be affected based on the above factors?
c. If you work at clients’ offices, are you covered if you damage their property?
TOPIC FIVE: How is my insurance affected by independent contractors and consultants, vendors?
a. Will any of my business insurance policies require me to get proof of insurance from the independent contractors or consultants I use in my business?
b. Will any of my business insurance policies advise or require me to get proof of insurance from my vendors?
TOPIC SIX: What insurance laws and recommendations regarding employees and worker’s compensation?
a. What are Florida’s state laws regarding worker’s compensation insurance?
b. What are the worker’s compensation requirements if I hire employees outside of my state?