Like a good lawyer and a good tax professional, a good insurance company is a staple for a forward-thinking business. At its core, insurance protects you in some way from things you can’t afford to lose. Your insurance agent can help steer you to policies that minimize your business’ risks. Since every industry (in fact, every business) is unique, what fits one doesn’t necessarily fit another.
Most businesses are wise to invest in a business owner’s policy. These policies combine property, liability, and business income insurance in one insurance policy. This helps protect the business’ physical location and assets, such as tools, documents, and furniture.
Commercial liability helps cover the costs of liability claims made against your business. For example, if a customer were to trip and injure himself / herself on your business property, he/she could sue your company. Business liability insurance helps cover the cost of such a claim.
Business income insurance helps replace lost income when your business can’t operate due to a covered loss. This is a great way to help ensure you can keep payroll and things of that nature. For example, let’s say a fire damages your business and it’s closed during repairs. Business income insurance can help replace the lost income while repairs are being made.
Consult Our Experienced North Texas Business Formation Attorney
Whether you're starting a sole proprietorship, an LLC, or a corporation, a trusted Dallas business formation attorney can help you identify your business's insurance needs. They can also help you understand your legal rights, draft essential business documents, complete all necessary tax forms, and more. Have additional questions about business insurance or ready to get started on your business formation? Schedule your free consultation today!