Insurance for small business?

[riverwed070707]

I'm moving forward with the small business I mentioned in another thread. It will be a general partnership. Initially I thought I would just take out an umbrella policy, but since there will be two owners does this mean we both need an umbrella? Are their other reasonably priced options I should be looking at?

[Robert742]

Originally Posted by riverwed070707

I'm moving forward with the small business I mentioned in another thread. It will be a general partnership. Initially I thought I would just take out an umbrella policy, but since there will be two owners does this mean we both need an umbrella? Are their other reasonably priced options I should be looking at?

Personal umbrella policies exclude liability arising from business pursuits & activities. I would get a Personal Umbrella for you, and look at a business owners policy (BOP) for your business partnership.

I recommend meeting with a few independent commercial insurance agents. Choose agents who insure similar businesses to yours, understand your business, and have expertise providing insurance for your type of business, and have them do a risk analysis of the insurance needs of your business.

Even if you decide not to get all the insurance protection they suggest, they can help you understand potential risks to your business you have not considered.

A lot of agents would love to sell you a business policy, but few of them know how to help you properly insure your business.

Good luck on your business venture! I don't know what you are undertaking, so I will have to look at your other posts.