Insurance......for small buisness....

OoNickoC · 01-29-2005, 12:31 AM

Im in the works of plans to start a one man buisness building/maintaining saltwater tanks. Havent got into the politics/legal aspects yet but need to to get stuff running. ANy one here have any knowledge of what kind of protection i would need (if any) for a venture like this. I currently service about 6 houses and a dentist office.....i am getting a bit intimidated by horror stories of a coworker who was threatened to be sued when a tank crashed. I plan on keeping it small with only me....i was thinking a waiver instead of insurance....depending on the cost. Any thoughts here >>>>?

woowoodengy · 01-29-2005, 12:52 AM

just to let you know insurance would be the way to go for any small or big biusness its not that expensive where i live and its a good piece of mind good luck

Birdlady · 01-29-2005, 07:40 AM

I agree with the insurance, plus waivers don't always hold up in court (can't possibly think of every eventuality)

Additionally, I would add, INCORPORATE! *It costs about $500 here in PA , I recon it is about the same across the country. *It protects all your PERSONAL assets. *Car, home, bank accounts, etc. *If you are sued, they can only get from the insurance, and the company assets.

Pretty reasonably priced peace of mind. *You could also look into LLC (limited liability corporation) instead, but I am not sure of the details on that. *When we had our small business, we incorporated.

Blade_Runner · 01-29-2005, 07:50 AM

Professional Liability Insurance. Talk to your local property and casuality guy. He should carry it. I'm in the life insurance, disability income, long term care and investment business so I can't help you. Sorry.

Birdlady · 01-29-2005, 08:07 AM

Also, check with your local Small Business Association...they may have group rates...advice, etc.

OoNickoC · 01-29-2005, 11:49 PM

Thanks guys, Im looking into it on monday.