If you haven't started thinking about insurance coverage for your business, then you need to enlist an army of business plan writers. Alright, one or two will do. But the point is that your and your business need to shunt any kind of risky situation from something you can afford (such as an insurance premium) to something you can't afford (an earthquake/tornado/fire/flood demolishing your new or newly-refurbished business).
There are many insurance agents that will help you plan your business liability insurance. And business plan writers will be the right people you can use to find them. And an insurance agent can place all of your insurance needs in one convenient package, therefore preventing you from drowning in insurance paperwork. You should also definitely plan to bring your insurance agent into the entire start-up process for your business.
There are many different kinds of small business insurance you will need to consider. The most obvious is property insurance. This will help protect you from the aforementioned natural disasters. You should definitely make sure that it contains coverage for the building as a whole, as well as all the property inside (desks, chairs, vital equipment.) You should also, however, make sure that any leasehold improvements are also covered.
Liability insurance is also a must for any small business owner. Your business plan writers will help construct language in your plan that specifically addresses medical payments, personal injury, or—if you lease your property—if you yourself cause damage to the property. Worker's compensation insurance is a must if you employ other people at your company; it's mandatory. Some policies include amenities such as risk management and loss control, which can minimize claim costs over the years.
Your current coverage will carry a limit, and so your business plan writers may suggest excess liability coverage that can be appended to your policy in amounts of $500,000 or more. At any rate, you should not have a policy that has coverage for less than one million dollars. If you suffer an irreversible injury, for instance, that limit will provide you with income that will be very useful. At the end of the day, you should always collect referrals to make sure you find the right insurance agent for you and your business.