In this episode, Shena and Jerry discuss the importance of protecting your business through insurance and legal entity structure. They emphasize the need to avoid piercing the corporate veil by not intermingling personal and business finances. They also highlight the importance of having the right types of insurance coverage and ensuring that the coverage is accurately documented. They discuss the need for commercial insurance, including Inland Marine coverage for tools and equipment. They stress the importance of regularly reviewing and updating insurance policies and having open communication with an insurance agent who understands the specific needs of your business.
Takeaways
Chapters
00:00 Introduction: Protecting Your Business
03:20 Insurance for Inventory and Business Assets
05:12 Classifying Your Business Correctly
07:33 Navigating the Complexities of Commercial Insurance
09:29 Updating Coverage Based on Payroll
13:17 Understanding Inland Marine Coverage
18:30 Verifying Insurance Documentation
21:20 Thinking Beyond Price: Coverage Needs
23:12 Conclusion: Be Proactive in Protecting Your Business
