Business Brain listener Jeff asks what insurance he might need if he offers casual advice about his expertise. Join your hosts, Dave Hamilton and Shannon Jean, as they explore what types of insurance you may need for your Business and why having an insurance resource on your board of advisors is critical.
- 00:00:00 Business Brain – The Entrepreneurs’ Podcast #439 for Wednesday, April 12th, 2023
- 00:01:25 Jeff-Do I need insurance for my mistakes?
- 00:04:05 SPONSOR: Headspace helps improve mental health – through guided meditations, mindfulness practices, breathing and calming exercises, and so much more. try Headspace FREE for 30 days by going to Headspace.com/BRAIN30.
- 00:05:53 Limiting Your Liability
- Get an LLC!
- Get insurance to protect your employes…and also to protect your business from your employees
- Spicy Adjectives!
- Business Liability Insurance
- DoNotPay.com
- Get a good insurance agent!
- 00:17:23 BB 439 Outtro
- [email protected]
- If your email is featured in an episode, you’re entered to win a MacBook Air in 2023
- TRAILER: Business Brain 118 – The Two Tokens of Customer Service
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Protect yourself with insurance.
In addition to taking care of your mental health, it is also important to protect yourself with insurance. Insurance can help protect you from financial loss in the event of an accident or lawsuit. It can also help you to cover the cost of medical bills, legal fees, and other expenses.
When starting a business, it is important to set up an LLC (limited liability company) or corporation in order to protect yourself from any potential liabilities. An LLC or corporation will limit your liability so long as you are not negligent or intentionally misleading people. This is why many businesses use multiple LLCs when touring or hosting events. By setting up a separate LLC for each event, the most that can be lost in the event of a lawsuit is the gross receipts from that night’s event.
In addition to setting up an LLC, it is also important to purchase insurance to protect yourself, your business, and your employees. Insurance can help to protect you from any potential liabilities, as well as cover the cost of medical bills, legal fees, and other expenses. It is important to have a good insurance person on your board of advisors to help answer any questions you may have.
Finally, some clients may require you to hold insurance that indemnifies them against any mistakes you make while working on their behalf. This is why it is important to understand your client’s requirements and make sure you have the right insurance coverage.
In conclusion, it is important to take care of your mental health, as well as protect yourself with insurance. Setting up an LLC and purchasing the right insurance can help protect you from financial loss in the event of an accident or lawsuit. It is also important to understand your client’s requirements and make sure you have the right insurance coverage.
Get good insurance advice.
Having a good insurance agent is an important part of protecting yourself financially. A good insurance agent can help you find the right coverage for your business and personal life. They can also help you save money on your personal insurance costs. Insurance agents get paid on commission regardless of which company you buy from, so they may be able to get you the best deal.
It is important to talk to your insurance agent about what-ifs, not just what happened. This will help you understand what kind of coverage you need and what kind of policy you should have in place. Additionally, it is important to make sure you have indemnification for legal fees in case you are sued.
Overall, it is important to get good insurance advice. Having the right coverage in place can help protect you from financial loss in the event of an accident or lawsuit. It is also important to talk to your insurance agent about what ifs, not just what happened, and make sure you have indemnification for legal fees. Taking the time to get a good insurance adviser can help you lead a charmed life.
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