The right insurance policies can help to protect your business if you are your own boss.
Being self-employed is a dream for many. From making your own schedule to completely eliminating your morning commute, there are many benefits of working for yourself. However, just like working for a corporation, there are many risks that you face when you are self-employed.
To ensure that your business is protected, keep these self-employed insurance considerations in mind.
Liability insurance – incorporating your business as a limited liability corporation, or LLC can help to keep your personal assets protected. Keep in mind that there will be some tax implications for incorporating your business. However, if you are sued for liability, it will prevent you from having to file personal bankruptcy.
Health insurance – under the Affordable Care Act, you are required to have health insurance that meets the minimum requirements. Since you will not be getting coverage through an employer, you will have to invest in your own coverage.
Disability insurance – if you are no longer able to get your work done due to illness, injury, or an accident, your disability insurance will provide some income to keep you afloat.
Life insurance – if you have any dependents, life insurance can be one of the most beneficial policies you can invest in. When looking for a life insurance policy, choose a coverage that will not only provide coverage for your dependents but also to cover your business costs when you are gone.
Retirement plan – setting up your own 410k or pension can help to give you the peace of mind that you need to ensure that you are able to fully enjoy your golden years.
For help finding the perfect business insurance needs when you own your own business, contact Pierce Insurance Group in McKinney, Texas. We will work with you to make sure you have the right amount of coverage, all at the right price to fit your budget.