FAQs for Step 78: Include Insurance Documents
Q: Where would I find out the specific insurance requirements for my particular industry? For example a daycare would need much difference insurance than a restaurant would it not?
Yes, insurance requirements will vary from industry to industry, and from business to business – too many variables to address in one FAQ. Insurance is an area that you must take responsibility for and become knowledgeable about. Each professional you talk to will have a different view and different priorities. For example, insurance agents will see liability in many places, while a banker will want you to carry loan insurance to limit the risk of non-repayment should something bad happen to you.
Here are a few ideas to help you do your due diligence:
1. Find a trusted insurance agent and ask what types of insurance you should have.
2. Ask your lawyer, your banker and your accountant what types of insurance they view as important for your business.
3. Locate the regulatory agency or agencies for your business and ask what types of insurance are required or recommended.
4. Most businesses should have liability insurance.
5. When it comes to worker safety, you will most likely be required to have Worker’s Compensation coverage once you have employees. Even though WCB coverage may not be mandatory prior to hiring employees, you may still want coverage for yourself.
6. Research your competitors to learn what types of insurance they carry.
7. Search the Internet for Industry or business Associations and visit the related websites or contact them to determine what insurances are recommended.
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