When developing a business, don’t make the common mistake of omitting insurance. Some businesses are easier to insure than others, and it is often difficult to determine the exact amount of insurance needed. Almost anything can be insured.

Actress Julia Roberts insured her smile for $30 million, singer Bruce Springsteen insured his vocal cords for $6 million, and singer/actress Jennifer Lopez insured her butt for $27 million.

Like JLo, you should cover your assets.

You may not need to insure part of your anatomy for millions of dollars. However, your business is your livelihood and you should protect it. There are many forms of insurance that could protect you and your business from serious harm. Much of it is surprisingly affordable. Here are some examples.

  • General Liability. This protects from injury or property damage suffered by someone on your premises. A recent quote for a deli-style restaurant in Chicago was $72 per month for up to $2 million in coverage
  • Workers’ Compensation. Workers’ compensation covers employees in the event of injury on the job. It covers medical care, lost wages, and all other services necessary to help the employee return to the job. It is available in all 50 states, but laws requiring coverage vary from state to state.
  • Commercial Property. This is insurance for protection of the physical assets of a business.
  • Professional Liability. Like Errors and Omissions insurance, this is coverage in the event that a client suffers a loss due to error or omission on your part.
  • Excess Liability. In the case of a protracted legal battle associated with a liability claim, attorney’s fees and court costs can deplete funds from insurance proceeds. Excess liability provides additional protection for the business and owners in such cases.
  • Employment Practices Liability. This is coverage in the event the business faces liability due to claims arising from sexual harassment, discrimination, or wrongful termination.
  • Product Liability. If you produce a product that causes property damage or bodily injury, product liability insurance provides protection.
  • Cyber Liability. Cyber insurance provides coverage in the event of data breach or cyber-attack.
  • Business Interruption. Your business can lose revenue for a variety of covered reasons. Natural disasters, fire, terrorism, or loss of a key manager can interrupt sales. Business interruption insurance can replace lost revenue for a set period of time.

There are many more. What insurance should you buy? Not too much, and not too little. Consult with three different agents or companies. This online tool will ask the questions an agent would ask and offer you a variety of quotes, for free, in just a few minutes.

The biggest test is that which keeps you awake at night. Insure according to the risk tolerance of you and the other owners, and the guidance of professionals.

Sleep well tonight.

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