Insurance, Another Level of Protection

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As an attorney I understand the importance of law,especially when it comes to protecting businesses.  Contracts are needed and some thought to thecreation of a business entity. But there is another level that often goesignored and is just as important as the legal aspect of your business.  Do not forget about insurance protection.

Insurance protection comes in many forms.  First, when you are unable to legallycontract away your risk, insurance is what fills in the gap.  One the most important types of insurance ismalpractice.  Malpractice insuranceprovides coverage when you are working in your profession. Should one of yourclients have an adverse reaction, then you do not have to pay out-of-pocket.  You would have insurance coverage.

Some other the types of insurance you want to think about isproperty coverage—insuring what you use in your business in case of aloss.  There is also liability coverage,separate from malpractice, which has to do with someone injuring themselves onyour premises.

We can group together life, accident and health insurancesince these are for yourself and not necessarily your business.  Should something happen to you and you arethe sole practitioner, then life insurance may be a product that can help yourbeneficiaries after you are gone.  Also thinkabout accident or disability insurance—if something happens to your hands, yourlegs, then how will you be able to work? How will that time off effect your business?  Disability coverage could help. Lastly healthinsurance is good to look into and be informed about coverage and cost.

True North Business Consulting provides legal coaching andthinks about the impact of insurance on your business decisions.