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84. Is business insurance worth it?
Episode 8412th January 2023 • On Your Terms • Sam Vander Wielen
00:00:00 00:08:09

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Welcome back to another episode of Sam’s Sidebar, my weekly Q&A where I tackle your essential legal questions about starting and growing your legally-protected online business! Today, we’re talking about whether or not business insurance is really worth it — and why.

In this episode, you’ll hear…

  • Whether business insurance is worth it
  • The kinds of business insurance available
  • How to pick the type of insurance right for you
  • Why it’s so worthwhile 

Click here to find the full show notes and transcript for this episode.

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Transcripts

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Welcome back to another episode of Sam's Sidebar, where we tackle your essential legal

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questions about starting and growing a legally protected online business in 10

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minutes or less.

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So, this week, you'll get legal tips all about whether business insurance is really

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worth it.

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Cashew Accounting asked, to what extent is business insurance worth it?

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I have basic errors and omissions insurance as an accountant, do I need anything else?

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So yes, a business insurance is so worth it.

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Let's go over why.

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Business insurance is worth it because of what business insurance does for you and for

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your business's money in the end.

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So, there are many different types of business insurance.

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Arizona Omissions, the one that this reader asked about is one kind of business

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insurance, and it's otherwise referred to as professional liability insurance.

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It's just one kind of many, many different types of business insurance.

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It may or may not be the kind of business insurance that you need.

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It is the kind of business insurance that protects you.

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If a client sues you for something that happens as a result of your work together.

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Like an injury, an illness, a financial loss, some sort of bad thing.

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So, if you got sued for something that's covered by your business insurance policy,

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your business insurance carrier would then provide you with an attorney and they would

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pay that attorney's fee for you.

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And then if you, let's say they settled the case on your behalf or there was some sort of

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judgment, but like 95 percent of cases are settled, but if there was some sort of

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judgment or settlement, your business insurance would then pay that on behalf of

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your business, of course, minus whatever your deductible is.

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So, that's why it's really important to know what your deductible is.

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Paying for, providing you finding and then paying for and providing you with an attorney

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and paying the attorney's fees is like worth the cost alone.

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So, that's why, at least from my perspective, yes, of course, it's worth it to

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look into business insurance.

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In terms of whether it's enough or whether there's anything else you need, the real

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question there is whether or not you need any other sorts of business insurance.

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So, another popular type is called commercial general liability insurance that

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covers property and bodily injury.

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So some of you, depending on how you're working with people and what you're doing,

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you might need that kind of insurance too.

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Some people get an umbrella policy to offer like additional coverage.

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Some people get cyber liability.

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I mean, they're all different kinds of business insurance.

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That's really why I recommend you finding a good business insurance agent, being super

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thorough and descriptive about what you do and especially how you do it, how you work

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with people and all the different, not only services and products that you offer, but how

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you actually market your business as well and what kinds of content you put out to,

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because a lot of times people are surprised to find out that that's not covered by their

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business insurance.

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It's also why I dedicated a few of the over 35 lessons inside of the Ultimate Bundle, my

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signature program, to helping you to understand what business insurance is, how to

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get it, how to get the best kind for you.

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And I even give you insurance agent recommendations, the questions to ask, and

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even what to look for in a good policy.

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I even teach you how to review them, what to look for, what questions to ask an insurance

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agent, all of that kind of stuff.

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So, like I always say, forming your business legally is what protects you as a person,

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right? It's what separates you from your business and it makes your personal assets

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off limits to anything that happens in your business.

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Getting business insurance, on the other hand, is what protects your business' money,

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because we still don't want you to have to pay for a lawsuit or a settlement.

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And then getting contracts in place is what provides the proof that you're going to need

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for all of this to successfully navigate like late and missed payments and lawsuits or

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anything like that that would come up in your business.

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So, if you want to dig deeper and start and grow a legally legit online business, be sure

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that you're on my email list for an invite to my next live legal training because it's

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coming up really, really soon and I don't want you to miss it.

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It's one of the only few that I will do this year.

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It's absolutely brand new and it will kick off the best financial deal on the Ultimate

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Bundle that I've ever offered and of the entire year.

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So, make sure you click the easy email list sign up link below so that you receive my

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emails each week full of free legal tips.

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Thank you so much for joining me for Sam's Sidebar.

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Check out the show notes below for related blog posts and resources and the episodes of

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On Your Terms that I post every single Monday and Thursday.

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Of course, if you have any questions for me or you want me to answer a question in a

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future episode, just submit it using the link below.

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I am so excited to see what you got for me.

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Thanks so much for listening to the On Your Terms podcast.

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Make sure to follow on Apple Podcasts, Spotify or wherever you like to listen to

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podcast. You can also check out all of our podcast episodes, show notes, links and more

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at Samvanderwielen.com/podcast.

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You can learn more about legally protecting your business and take my free legal

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workshop, Five Steps to Legally Protect and Grow your Online Business at SamVanderWielen

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.com. And to stay connected and follow along, follow me on Instagram @SamVanderWielen and

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send me a DM to say hi.

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Just remember that although I am a attorney, I am not your attorney, and I am not offering

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you legal advice in today's episode.

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This episode and all of my episodes are informational and educational only.

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It is not a substitute for seeking out your own advice from your own lawyer.

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And please keep in mind that I can't offer you legal advice.

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I don't ever offer any legal services, but I think I offer some pretty good information.