Insurance Needs For Every Business Stage

    Published: 06-16-2009
    Views: 10,130
    Wells Fargo financial expert Corey Dargan discusses the basics of business insurance for every stage of business development.

    Corey Dargan: Hi! I am Corey with Wells Fargo and Company. It doesn't matter if you've just opened a shop or if you've been in the business for decades. Business insurance can help ensure the longevity of your company.

    It is essential to have the right types and amounts of insurance in place for each stage of your business, whether you're launching a new business venture, strengthening your company's presence in the marketplace or contemplating an acquisition.

    When beginning a new entrepreneurial venture, be sure to build business insurance and its cost into your overall business plan. Knowing and understanding the coverage you'll need is a good first step. For example, if you want your business out of your home, your homeowner's insurance policy may not be in the protection. Start with the basics secure protection of personal and business assets, property and employees and understand what coverage and limits are required by your customers or landlord. Then continue to refine your risk management strategy.

    As your coverage needs change, consult with an experienced business insurance agent to pinpoint your company's specific coverage requirements. As you build your customer base and add new products, it is critical to review your existing business insurance policies to identify potential gaps in coverage due to shifting property values, asset growth and other exposures that accompany overall growth.

    And finally, when your venture reaches maturity, you may need to add a business umbrella policy or increase business liability insurance as a safety net against losses from third-party legal claims.

    Increased commercial auto insurance coverage as your fleet of vehicles expands and purchase business interruption insurance as part of a disaster preparedness plan.

    Businesses have distinct insurance needs whether just starting up, gaining momentum in the marketplace or preparing to go public. Working with an experienced business insurance agent to alarm your needs with the wide coverage can help ensure your business is protected.