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Finding Better Insurance Plans

After I switched jobs, I knew I would probably be faced with choosing a new insurance policy. I was nervous about the transition, but I knew it had to be better than the plan I had been using at my old job. I started going through the options with the human resources person, and it took me a long time to understand the different options. After a thorough evaluation, I opted for a health savings account, which let me keep a large percentage of what I would normally be paying in premiums every single month. Check out this blog for more information about health insurance plans.

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3 Reasons Why Your LLC May Need To Invest In Business Insurance

If you make money in a sole proprietorship and decide that you need to transition to an LLC (limited liability company), there are some changes that can naturally come about. One thing that is often questionable is if all LLCs have to have business insurance once they have been established for tax purposes as such. Not all LLCs will be required to obtain insurance for the business, but there are some situations when it is best to do so. Take a look at some of the reasons your new LLC should get the proper insurance coverage. 

Your business has employees. 

If you have employees in your LLC, it is definitely best to invest in insurance. Having employees means you need those added layers of protection against things like on-the-job injuries that lead to major expenses your business has to pay for. If you hire just a few employees, it is easy to assume that you do not need insurance because your LLC is still a small operation. However, there are some states where you will be required to obtain insurance even if all you have is just a few employees. 

You have an industry that requires you to obtain business insurance. 

In some industries, the state will require you to get business insurance as a practicing LLC. For example, some states require that you have business insurance if you own a small construction business that is registered as an LLC because these types of operations come along with certain liability risks. It is best to check with the governing agencies in your state to find out if your particular LLC will be required to invest in insurance or not. Even if you are not required, it can still be a good idea to get coverage in certain industries. 

You want protection from liability lawsuits. 

One of the number one reasons why an LLC owner will choose to go ahead and get business insurance even if it is not required by the state where they live is because they want protection from a lawsuit. For example, if you have a small store inside part of your home, if someone gets hurt when they come in for a visit, they could sue you for their medical costs and any other charges they incurred as a result of the incident. Business liability insurance would help cover these costs, so it is good to have. 

For more information, contact a business insurance agency.