My name is Kelly Davis. I am a State Farm insurance agent. I've been an agent for 16 years. My father was in the business for 38 years and my brother has been an agent 31 years, so it's quite a family tradition. I've been selling insurance for 16 years and, prior to that, I was a claims adjuster.
In starting your own business, there are several types of insurance avenues that need to be researched. You will have liability concerns. If you have employees, you will have their concerns. Before starting, you should talk with an insurance professional. He or she could be a captive-type agent with a major insurance carrier or you could see an insurance broker who represents several types of companies and can offer a wide range of products.
You will need to tell your insurance professional what you're going to do and they will research exactly what type of insurance you need. You may be working out of your home; you may be working at a place of business. You'll have requirements if you have a lease or a loan. Liability concerns are to protect others from you. Professional liability concerns are to protect others from your making a wrong recommendation to them.
Your business may have inventory, computers, or supplies that you would want to have coverage for in the event of physical loss, a fire, or a theft. Employees will open up another avenue. There are laws governing worker's compensation insurance needs. You may need your own health insurance. You may need your own disability insurance.
The bottom line is that when you're starting a business, you have a myriad of insurance needs that you wouldn't even begin to think about. You need to protect yourself and you need to protect others from you. Once you've had a chance to talk with this insurance professional, you will begin to see what you need and what your exposures are. So, talk to an insurance professional.