I had an entirely different plan for today, but at
5:30am a huge CRASH totally changed that…
I giant rotten tree decided to fall on my car and
totaled it, completely ripping the driver’s door off.
So, in lieu of what I had planned, today’s Tip
Sheet is all about insurance.
Insurance can come in many forms.
It can come in the form of your corporate structure
such as “S” or “C” corp, LLC, sole proprietorship etc.
Having insurance and the right business structure
will be critical to your well-being.
Insurance is kinda like cleaning a toilet. You know
you need to do it, but the “fun scale” is at zero.
You can’t just “hope for the best” with your business.
You need to get the proper amount of insurance and
proper business structure for whatever venture you
are going into.
I am not about to give any legal advice here, but I
do know that much.
Talk to an attorney and an insurance agent that you
can trust. These people will end up being on your
business team in the future and you will go to them
for advice when the time comes.
…so you might as well start now.
No, I am not going to call my car insurance guy when
I have an important business decision to make, but
my accountant might be very helpful.
As much as you want to skimp on insurance with your
business, DON’T. It can be very affordable depending
on your industry.
It can also get really pricey if you have a lot of
employees and previous claims. It all depends on your
level of exposure, and those experts can help you
there.
The lower your level of exposure (how much you are
doing something that would likely create a claim)
the lower your rates, because most-likely you won’t
need it.
The more you actually NEED the insurance, the more
expensive it will be, like if you drive a dynamite
truck or something… then you might as well find a
different business.
That’s the way insurance works. The less likely you
need it, the cheaper it gets.
Insurance coupled with the proper corporate structure
even if you are a one man or woman show, is one of the
most important things you can do for yourself.
Ok, I’m done for today. Still waiting for the insurance
guy to show up.
Until tomorrow,
Joshua Black
Copyright 2009, Outer Limit Productions LLC.
All rights reserved.
http://www.UnderdogMillionaire.com/blog
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