From the startup phase to the major corporation phase, commercial business insurance should be included in your budget. Insurance provides you peace of mind and covers you in the event of an incident. In Spartanburg, SC, Allsurance Group can help cover your business and protect it, and your personal liability, from potential litigation.
How can you protect your personal wealth and assets from your company’s liabilities? Here are a few tips:
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Have sufficient liability insurance: Forbes suggests personal umbrella liability coverage and business umbrella coverage, depending on the circumstances
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Keep your personal assets and business assets separate
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Protect yourself personally from renters and liabilities surrounding rental properties
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Review all jointly held accounts, and ensure your business name is on all business accounts, but not on your personal ones
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Have it in writing: formalize informal partnerships, only hire contractors who are insured & bonded, and get everything under contract and in writing
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Ensure you have filed with the correct business entity (i.e. LLC, S or C corporation, sole proprietorship, etc)
The idea behind asset protection is to shield your personal assets and finances from business claims or creditors. Asset protection plans put into place legal strategies before a lawsuit or claim happens, and can help to deter a potential claimant from suing you and/or your business and help prevent seizure of your personal assets after a judgment. Investopedia details two types of claims, internal and external, and how your assets need to be protected from both. In short, you should protect your company from a lawsuit should a liability occur on company property, and you and your company’s property should a liability occur outside company property. Knowing which kind of claims can be filed against you can help to protect your assets.
It is important to talk to an insurance agent to understand what kind of assets you have, what needs to be protected, what kind of claims can be made against you, and what you need to do to ensure your personal property and wages are protected against garnishment and seizure in the event of a suit.
Allsurance Group offers a range of policy options for those around South Carolina. Some of which include:
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Liability coverage
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Insurance for products you sell
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If you operate your business out of your home
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Insurance for outstanding loans
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Umbrella coverage, for that extra piece of mind
If you’re unsure if you’re covered completely, or want to check up on your policy, contact Allsurance Group today, or visit our offices in Spartanburg, SC.