The rest of it.

Ok, it's not a gazillion
dollars, but you get the idea...

You've got it. 

You know you do. 

The BIG IDEA! 

You're gonna be a gazillionaire.... No.  Really.

You're ready to go.  You've got your product or service all lined up.  You've given notice to your boss that you're leaving. 

I'm telling you, you've got all your i's dotted and t's crossed.  You're golden.

Right?

Well, maybe. 

Someone puts a bee in your bonnet about insurance.  And you're like, "Eh, no big deal.  I've got COBRA from work.  That'll hold me until I have enough money to buy more insurance."

Hey, that may be true.  You CAN keep your work insurance through COBRA.  At least for a little while (though, in even the short run, it may be cheaper to find other insurance...).

But what about the rest of it?

Ok, if you're now looking at the screen with that blank look on your face that says, "What rest of it?", you might want to pay attention....


Of COURSE you need health insurance.  You know that.

But what if you're disabled and unable to work?  How are you going to pay your bills?  What happens to your family if you're unable to work?  How are you going to continue to pay someone else to run your business?  Disability insurance is a serious need.  If you can get a policy that'll be portable before leaving your corporate job, I'd suggest it.  But if not, you still need it.

That's not nearly all though...

You're a business owner now.  Being a business owner makes you responsible (and legally liable) for a whole heck of a lot of stuff.  

In addition to setting your business up correctly in the first place to protect yourself (which you really should hire a competant attorney to do), you need business insurance.

Quite a bit of it, to be really protected.  Even beyond just general liability insurance.

Do you have a storefront?  Then you're going to need a policy to cover you if someone is hurt on your premises.

Do you have a product?  You're going to want to find out about product liability insurance then.  I mean, what if someone is injured while using your product?

Can I just say that the part that I really like
is how it's not even the top of the ladder
that's holding it up, it's that little
shelf-y thing that you put the paint on...
*shaking head*

Don't think that it could happen to you?  You don't have a dangerous product?  I'm pretty sure that the guys who manufactured the ladder didn't expect this guy to do this with it either...

And it won't stop this idiot from suing the ladder company when he breaks his neck because the top of the ladder gave way under the strain.  I can almost guarantee that he will.

And it's not only product companies that have to be careful.  How about if you have intellectual property that you're using?  (Intellectual property insurance) Or if you're making claims about your products or services online?  (Cyber Liability insurance)

The list goes on and on. 

The best thing to do is find yourself a good insurance person and sit down for a real chat.  About what you need now, what you're going to need in the future and how you can best protect yourself and this gazillion dollar business you're going to be running...

Because it's no fun to build up a great business just to have it snatched out from under you by the costs of defending a lawsuit.  In fact, it's a nightmare. 

Please protect yourself.

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