August 19, 2022
Is Business Insurance “Worth It”?
Is Business Insurance “Worth It”?
My arm’s still sore from playing “surfers” with my nephews, Sebby and Ollie, last weekend in (coincidentally) Surf City, NJ.
🏄♀️ If you haven’t seen them yet — they’re little surfer toys you throw into the ocean, and they catch a wave and ride the surf back to shore. We cheered and yelled like crazy every time the surfers came cruisin’ up to our feet.
And the boys cheered like crazy when Aunt Sammy waded out into the ocean to rescue Surfer #2 — who went a little too far past the waves and couldn’t catch a ride home. #auntoftheyear
As much as I loved playing surfers– I’m here to play a different game with you today!
👉 If you could ask me 1 question about how to legally protect your business, or what you need to do — what would it be?
Don’t filter yourself – just ask. There’s no judgment here.
Is it something about how to register your business? Get a trademark? What to do if a client doesn’t pay you?
I’m asking because:
A. I want to help you legally protect your business because — well, that’s what I do 😂
B. I’m starting a new series here to answer one of your legal questions each week.***
What is your legal question?
Let’s kick things off with the inaugural first legal Q&A sesh! 👇
The Question //
This week, we’ll tackle @cashewaccounting’s great question:
Is business insurance worthwhile? I have basic error & omission as an accountant. Or worth it to what extent?
The Answer //
Yes, business insurance is SO worth it! Why? Because of what business insurance does for you and your business’s money.
There are many different types of business insurance. Errors & omissions (aka professional liability insurance) is just 1 kind of business insurance. It protects you if a client sues you for something that comes from your work together, like an injury, illness, financial loss, etc.
How Does Business Insurance Work
If you got sued for something that’s covered by your policy, your business insurance carrier would provide you with an attorney and pay their hourly fees for you. That’s HUGE! Worth the price of admission alone.
They’d also cover the judgement/settlement found against you, if there was one (minus your deductible).
That’s why I dedicated a few of the 35+ lessons inside the Ultimate Bundle™️ to understanding business insurance & getting the best kind for you. I even give you insurance agent recs, the questions to ask, and what to look for in a “good” policy.
So like I always say:
- 👉 Forming your business legally protects you as a person — it’s what separates you from your business, and makes your personal assets off limits.
- 💰 Getting business insurance protects your money.
- 📝 And getting contracts in place protects your tush, because it’s the proof you’re going to need to successfully navigate late/missed payments, lawsuits etc.
In the Ultimate Bundle™️, I teach you how to form your business (LLCs and more!), how to get the best business insurance to protect your moolah AND give you all the contracts and policies you need to safely run your online business. Just sayin’.
Hope this was helpful!
Can’t wait to read your questions. And I hope you’ll also let me know if you’re excited about this new series!
Off to ice my surfer arm 😉
PS. Want to learn everything I did from the totally mind-blowing Convertkit Conference? Listen here.
For more legal tips and a behind the scenes look at how I built a multi 7-figure business, drop your email below. I’ll be in your inbox twice a week with the best nuggets, podcasts, and business gold I can offer.
So What Do you think?