CHAPTER 25 Insurance, Repairs, and epairs, and Maintenance Things to Know
Even though your landlord may have some type of insurance, you probably need to get your own insurance. Even if you don’t have to, I recommend it. It’s a more than necessary business expense. When something happens out of your control, you’ll be thankful you had the right type of insurance. Think of it as an investment that you have to make that you’ll only see back if something goes wrong with your space. There are countless things that can go wrong with a business’s space. Fires, water damage, theft, or a number of other things could happen. If you and your company aren’t protected you could be left vulnerable, even if the landlord has some type of insurance. There are many choices of the types of insurance that companies can get. From flood or wind damage to data insurance, you want to make sure you’re fully covered. Most new companies will need a few different types of insurance. Usually, you are required to get liability insurance in the lease that you sign. I’ll go over that and what it covers and doesn’t soon in this chapter. Most states will require worker’s compensation in some form. That’s not what this chapter will cover. Worker’s comp ensures workers for injuries or accidents on the job. You will probably have to get this just in case an accident occurs on company property to replace any lost wages or to pay for employees’ medical bills. 153
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