The amount of women entrepreneurs is on the rise throughout the country. It has been shown the women working in established businesses has decreased. You may think that this is a bad thing, but it is not. Women are not going into the basic work force because they are becoming entrepreneurs instead. In the age of technology, which we are in, it is possible to run your own business from home, with the use of various online platforms.
With that comes some need for insurance. You probably already know what types of business insurance you will need, but if you are still looking around go check out the government site that details everything that you need to know. There are 4 types of insurance that every woman entrepreneur should have, which is what we will be talking about here.
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Life insurance is a must have in today’s business world. You never know when something could come up. Once it does come up, it is normally too late to get a life insurance policy. You may think that this policy will only give your family a payout that covers your final expenses, but that is not the case. Yes, the money that your beneficiary gets will go to pay for any final expenses, along with any bills or debt that you have left behind. The great thing about a life insurance policy is that it can be enough money for your family to survive until they get another plan into motion.
Property and Contents Insurance
This may be something that you have already for your own personal home and contents, but when you are talking about commercial insurance policies you will need to have a separate policy to cover. Even if you work from home you need to have a good plan in place, one that would cover above and beyond your basic personal policy. This policy can save you from having to shut the doors if a natural disaster should hit you, or if a pipe bursts and destroys everything inside your building before you catch it.
Since you will be running your own business, you will not have the benefit of having a health plan offered to you from an employer. You do not want to be left without coverage for you, and perhaps your family, if they rely on you for medical coverage as well. It has been shown that the majority of people that get into financial trouble is due to the high prices associated with any type of medical care. The more intensive the care is, the higher the cost can be to you. Having a good health plan in place will remove this possibility because you will have coverage no matter what happens throughout your business day.
Public Liability Insurance
The importance of this type of insurance cannot ever be stressed enough. This will protect you against any injury or deaths to customers or vendors that come onto your property. This does not just apply to you if you have a brick-and-mortar location. If you work from home, you will also need to have a policy in place, if you do not have a decent amount of coverage under your personal accounts. Even if you do, though, make sure that there are no exclusions in it that will leave you holding the bag, and stuck paying all the bills.
This is just a basic breakdown of the four types of insurance that you, as a woman entrepreneur, will need to have. The links found in this short article can help you get the education that you need to make informed choices of what you need, and how much of it you should have. If you are still unsure, make sure that you talk to a professional that does know what you need.