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    6 Replies Latest reply on Mar 1, 2008 12:30 PM by mainstreetifs

    What Insurance Do I Need for My New Business

    shamsharif Newbie

      I am from Charlotte in North Carolina. I am opening a new retail store. It is a franchise that provides office supplies and inkjets cartridges.
      I am wondering what kind of insurance do I need for my business. I still don't have a location yet.... still in searching process.
        • Re: What Insurance Do I Need for My New Business
          LUCKIEST Guide
          Welcome to this web site. Tell us more. besides insurance.
          When will you be opening this franchise.
          When is the franchise offering?? A Location??
          Part of being in business is having an Accountant, A lawyer and an Insurance agent.
          Good Luck, LUCKIEST.
          • Re: What Insurance Do I Need for My New Business
            dublincpa Scout
            The typical insurance coverages:
            E & O if there are outside investors.
            General Liability
            Physical Premises/Property
            Workers Comp especially if you have non-owner/officer EEs (Some states allow officers to be exempt.)

            There are other coverages taht may be beneficial:
            Life to fund a Buy-Sell (You used we at one point in your second post)
            Key Person Life insurance paid to company to smooth a loss or pay off financing
            Disability (especially if you waive Workers Comp for officers)
            Business Interruption

            I know of a couple good insurance people. Email me at if you want their contact info.

            Good Luck.
            • Re: What Insurance Do I Need for My New Business
              elpelp Newbie
              There are a lot of types of business insurance. Here's a quick overview of some to consider for your business.

              They have some other good articles and educational overviews as well.
              • Re: What Insurance Do I Need for My New Business
                mainstreetifs Wayfarer
                For a small retail store you will need a Business Owners Policy (BOP) which is a policy designed for small business that covers property, liability, business income (loss of sales/profit in case of a loss), employee dishonesty, etc. It is a fairly comprehensive policy for the small business owner. I would suggest looking at the standard A+ rated, Admitted carriers like The Hartford, Travelers, CNA, Allied/Nationwide and Zurich (your franchise may have a special program with a certain carrier or agency). You will also need Workers' Compensation insurance if you have employees. Those are the two miniumum requirements.


                On top of that you may need health insurance for you and/or your employees and it is never a bad idea to get a term life policy if you are taking on dept to open the business. God forbid but if you pass away, you don't want to leave a big headache for your family. Most people can get a good term life policy for the amount of debt (maybe $300-500k for a store like that?) for under $60 per month. It is pretty cheap.
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