More and more people are starting businesses now than ever before. In a failed economy, folks who’ve lost their jobs have started enterprises that are an amazing silver lining for what had been their cloudy day.
As with your personal coverage, make sure to find an agent who will secure products that are affordable and able to grow with your business.
In the beginning, you may only need a “basic” liability policy. Many of our “one-man band” contractors start out this way. Then, as their business grows, we add the “bells and whistles” that will cover tools and equipment. Sometimes a commercial auto policy is next. And eventually, workers compensation for those newly-hired employees.
As your business changes, you will want to have your agent adjust and improve the coverage that protects it. Be honest about your expectations and budget accordingly. With all insurance, you are planning for the catastrophic. You may want to handle small losses personally. Large losses are where you will look to your insurer for some help. Keeping deductibles a bit higher will save on premium dollars.
Most homeowners’ policies have restrictions for your business. Don’t assume that your “business stuff” is covered because it is located in your home. There may be some low level of coverage extended, but don’t assume it. Review your policy with your agent and see what is needed to address the business personal property as well as the liability exposures you now have.
With the new Pennsylvania Attorney General Contractor’s Registration program, insurance becomes an integral part of doing business. Review the specifics at the state website, http://www.attorneygeneral.gov/hic.aspx?id=4313
Give us a call. We have some great contractor’s programs that are comprehensive and within your budget. Don’t even think of starting a job without it!