It does not matter if you are launching a small business or working as a sole proprietor, the important thing is that everyone should be aware of the need for insurance. This is quite essential because of the possible risk. For accounting firms, insurance such as Audit Shield will protect not just them but their clients in the event of a tax audit or investigation.
Many might be wondering about the risks and the kind of insurance that they shouldtake into consideration. According to Mike Barton who is the president of the Allstate Insurance, a business insurance based in the US, the insurance will depend greatly on the type of business that they are managing.
An agent for State Farm Insurance, Kevin Hayward who is based in Olympia, Washington, said that it does not matter what business you are handling but the best place to start is to get a general liability insurance coverage.
This is the best foundation policy that will cover any business. Hayward explained that any incidents that may occur while you are conducting business at home will not be covered by the homeowner insurance you have but with a general liability policy it is covered.
Another example is a hairdresser that sets up business at home and it unfortunately leaked due to problems in plumbing. Barton said that when this happens, the home insurance policy will not be covering it despite the fact the part of the home has been damaged because it occurred due to the home salon business. With general liability insurance, things such as this will be covered.
There are many types of business insurance such as business property insurance, income loss insurance, errors and omission insurance, data compromise insurance and cyber insurance.
A rheumatologist in New York, Dr. Mark Eberle, said that the law requires him to have malpractice insurance but aside from that he also has workers compensation insurance, general liability and disability insurance.
It is important to get the best value insurance rather than getting one that does not cover everything. For professional accountants, it is important to have insurance policies such as Audit Shield to protect their profession as well as their clients at the same time.