If you really stopped to consider all that could go wrong with your start-up business, you may never start it at all, and therefore, one of the most common questions we hear is this: “What are the risks I need to consider when I start my business?”
Well, let’s take a look at a few scenarios which illustrate various types of coverage. We’ll try not to scare you too badly.
- One of your elderly clients is at your place of business and is ready to go home, but she cannot reach her husband to get him to come get her and drive her the 2 miles to her home. You offer to drive her yourself. About halfway to her house, you run a breeze through a YIELD sign, and a delivery truck plows into you on the passenger side. Both you and your client end up in the hospital.
- Business is booming! You have a steady stream of customers, and you no longer worry day and night about whether or not you will be able to pay the bills. Your bookkeeper, however, has been out sick for 4 days now, and she has no idea when she’ll be back. You have gotten three phone calls today from different vendors, each informing you that you have bounced checks and they want their money. You open the safe and see that the petty cash is empty and the checkbooks are all missing.
- You have a wine-and-cheese grand opening which is wildly successful! Everyone is abuzz and socializing, and they are all spending money. As the crowd clears out, you get word that a woman — who judging by her grand opening purchases is on track to be a major customer — missed a stop sign on her way home from your fete and hit a child on a bicycle. Furthermore, you are told, she blew a breathalyzer score more than twice the legal limit.
These are just a few of the scenarios which might occur, and which your licensed insurance professional will take into consideration when the two of you decide what coverages you need.