Starting your own business can be a huge challenge, often involving long hours and big decisions. As you switch gears to self-employment, you may want to re-evaluate your insurance needs to ensure you have the right coverage for your new venture.
For your business
No two businesses are alike. Maybe you work from home, or perhaps you have a standalone business with several employees. You could be selling a service or a product or a combination of the two. Because your business is unique, you need an insurance portfolio that is tailored to your specific needs.
Business property insurance
If you work from home, you may think your basic home insurance policy will cover your business and office equipment and supplies in the event of a loss. But the truth is the majority of home-based businesses lack adequate business insurance.
Generally, your home insurance will cover personal property used for business purposes, but only to a set limit, which is usually $2,000, and only when the equipment is in the home. You may be able to extend your home policy to cover your home-based business, but if not, a specific business policy can cover those work-related items.
Or, if you operate your business outside of your home, you will want to ensure your premises and inventory is properly insured against risks like fire, theft and severe weather.
Just like your personal home insurance isn’t adequate to cover a home-based business against losses, your personal auto insurance will not cover your vehicle if it’s used for business purposes.
If you are using your vehicle for business reasons, you will want to get commercial auto insurance, which will include the use of your wheels for business purposes and cover damage to your vehicle and any responsibility you may have to others.
Your business is one-of-a-kind and your insurance should reflect that. Contact us today to customize a business insurance package that will meet your specific needs.
For your employees
In today’s hot economy and competitive job market, finding and retaining quality employees can be a difficult challenge, but offering a solid benefits plan can help you attract and keep good people. And as an added bonus, it’s also a tax deduction for you.
An AMA life advisor will sit down with you to determine your needs and then develop a customized benefits plan package for your business. Contact one today!
For your health
As a self-employed business owner, you are responsible for your own health benefits. The AMA Health and Dental Plan may be a good option for you as you look to manage your health care costs. The plan is customizable, so you can pick the levels of coverage you and your family need, and it’s flexible, so you can add and remove coverage as necessary.
Get an online quote and apply for the AMA Health and Dental Plan today!
For your family
Starting a business can also affect your family in ways you may not have considered. There is often some degree of risk in running a business, but you shouldn’t take risks with your family’s financial future. Having the right insurance can ensure your family is protected, allowing you to focus on building a profitable business.
If you have a business loan or line of credit, you may want to consider life insurance to protect your family from your debt if something should happen to you. In addition to taking care of any business-related costs, the right life insurance can also provide for your family’s future, from your children’s education to paying off the mortgage.
As a business owner, your livelihood and your family’s financial security depends on your ability to make it in to work each day. Depending on the type of business you operate, you may be more susceptible to work-related injuries that could result in a temporary or permanent disability. There is also the possibility of getting sick or hurt away from the job, which could limit your capability to operate your business.
Disability insurance can protect that revenue by replacing a portion of your income if an injury or illness prevents you from working. It gives you the security to recover from or adapt to your disability, without having to worry about returning to work sooner than your condition will allow.
Personal accident insurance provides funds in the event of a fatal accident or an accident that results in the loss of a limb or eyesight. It can help protect your family from an uncertain future by reducing the financial impact of an accident.
Hopefully you will never be faced with having a life-altering illness, but if you do, critical illness insurance can help keep your business, and your family, on track. Critical illness insurance provides you with a tax-free lump-sum benefit to use as you see fit, from paying for business expenses to replacing lost income.
There are many things to consider when starting a business. Contact us today to help you decide what insurance products will best protect you, your business and your family.