Tuesday, April 19, 2011

Just Opened a New Business: Don’t Forget Liability Insurance

Just Opened a New Business: Don’t Forget Liability Insurance
By Greg Yaghmai
You have made the bold decision to finally opening your own business. You hired a lawyer to
draw up the Inc or LLC documents. You filed them up with your state’s Secretary of the State.
Now your company is legally recognized and your are concentrating on running the business.
There is one thing you can’t forget about: liability insurance.
If you are open to the public, then you should have coverage for someone being injured on the
premises. Almost all leases require that the tenant maintain liability insurance. More
fundamentally, if someone files a lawsuit for being hurting on the premises then you will have
coverage for any judgment and legal fees. However, liability insurance typically doesn’t cover
business disputes over contracts with vendors or customers.
The premiums are worth the peace of mind and often are legally required. When clients come to
Rutledge & Yaghmai in the formation of a corporate entity, we stress the importance of acquiring
the proper type and amount of liability insurance.
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