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The following is a guest post. Enjoy!
How about you all? If you are a business owner, do you have business insurance and/or professional indemnity insurance? Why or why not?
Share your experiences by commenting below!
Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.
- Personally, I have zero experience dealing with business insurance, so I cannot comment too much on the points in this article.
- Overall, I think that having business insurance is a very good idea for most business owners.
- However, before blindly deciding to take on this added insurance, you should make sure that the nature of your business warrants the need for this added protection and expense item.
- For example, for my sole proprietorship that I have set up for my blog, I don’t believe there is very great of a need for business insurance since 1) I don’t have a separate physical office away from my home that needs to be protected, 2) have no employees to look after, and 3) I do not provide physical goods or services to customers/clients that I could be sued over if something went wrong.
- Sure – there still exists the minute risk of me being sued for something like slander or using intellectual property without authorization, but there are many steps that can be easily taken to avoid/control these things. So, overall, I don’t feel that I need business insurance just yet.
- However, if I had a business such as a doctor’s office or bakery, I would be much more apt to have a business insurance policy.
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