Insurance for a startup web business? Does anyone know if I should carry any?

by mobank

Posted: 9 years ago 11 replies

INTERNET MARKETING

Just starting out so I wanted to know if and what kind of insurance i should or should not carry.
Any thoughts?

#business #insurance #startup #web

allegandro 9 years ago

Well, if you are new, and you have no idea about insurance... then DON'T do it.

Insurance is overcrowded, with tens of thousands of wane bee IM who hope to make some money.

But the real money is made by the top 1%.

If you want to start in IM, take a niche that is close to your heart, you love and understand. Believe me, you WILL make money with it, with a minimum of effort and money.

Read this, it might help you: http://www.warriorforum.com/main-int...ake-money.html
- Thanks
- 1 reply
Signature

Meow!
{{ DiscussionBoard.errors[10080147].message }}
- mobank 9 years ago
  
  Let me explain. I'm starting a online business. I want to know as a DBA what kind of insurance, if any should I take out on myself/business as a sole proprieter
  
  Thanks
  
  {{ DiscussionBoard.errors[10082622].message }}
frumweb 9 years ago

You'll likely want a business owners policy, but you should talk to an agent. He'll be able to tell you what you need for your business.
- Thanks
{{ DiscussionBoard.errors[10108640].message }}
namehero 9 years ago

Originally Posted by mobank

Just starting out so I wanted to know if and what kind of insurance i should or should not carry.
Any thoughts?

Ask your lawyer who formed the corporation. Depends on what you're doing and how big of a risk your taking .
- Thanks
Signature
Name Hero: Making Hosting Great Again!
{{ DiscussionBoard.errors[10108914].message }}
mobank 9 years ago

Thanks a bunch. I now have liability INS.
- Thanks
{{ DiscussionBoard.errors[10110073].message }}
mobank 9 years ago

Do many online businesses purchase liability insurance?
- Thanks
{{ DiscussionBoard.errors[10110291].message }}
colie3188 9 years ago

For peace of mind... it's always better to have your ass covered, because you never know...

Check an agent, or call your bank up who will probably recommend you one ;-)

Good luck !
- [ 1 ] Thanks
- 1 reply
Signature
GANG WRITER ! PM ME TO JOIN THE GANG :D
{{ DiscussionBoard.errors[10110647].message }}
- OnlineStoreHelp 9 years ago
  
  Insurance is a good option but remember there are multiple ways of protecting you and your business. Most business owners can get by with what is called a BOP (Business Owners Policy) which normally includes General Liability, auto and sometimes property. It will not protect you from professional liability. So if you are a CPA and you get sued because you did someones taxes wrong, your BOP will not cover you. Understanding your risks is key.
  
  Contractual Risk Transfer - If you ignore this, insurance is essentially worthless. Companies use contracts to both scope out services but to also transfer risk.
  
  Corporate Structure. If you are in a C Corp, S Corp or Multi-member LLC, you can protect your the corporate veil from piercing to your personal assets. IANAL but single member LLC's are IMO worthless.
  
  I also would not suggest buying a package policy from an Agent, but from a Broker, and one that specializes in commercial policies. As much as you like your Insurance agent that insures your car, they just don't understand the commercial side of the business.
  
  Source: I was a corporate risk manager for two Fortune 500 companies in a previous life...
  
  [ 1 ] Thanks
  
  Signature
  Learn how to set up a powerful, functional yet easy to use e-commerce website at cartprep.com.
  
  Not sure what ecommerce solution to use? Watch my video walk through of popular shopping carts.
  
  {{ DiscussionBoard.errors[10112533].message }}
trevordd Banned 9 years ago

You should definitely get a good lawyer for your business Look for linkagemind website. They helped me a lot with some difficulties, and they are really great guys
- [ 1 ] Thanks
{{ DiscussionBoard.errors[10115985].message }}
dianakrall 8 years ago

First of all it is clear that Insurance is a safe choice for a new business owner. There are numerous methods for securing you and your business but cheapest one is to outsource it. So, I recommend you an Insurance outsourcing company (Insurance Support World) which can provide your new business services all the security it need.
- Thanks
{{ DiscussionBoard.errors[10393016].message }}
Alex The Lion 8 years ago

Professional Indemnity seems to be a common choice for online entrepreneurs; however, if you call up and speak to a reputable insurance company directly, they are typically pretty happy to give you some advice.

Of course, conduct thorough research before purchasing anything.
- Thanks
{{ DiscussionBoard.errors[10393960].message }}