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Liability Insurance-Is this Needed or not?

    • 10 posts
    April 15, 2013 9:40 AM EDT

    Hello, Neptune1:

    You may probably need to contact a business attorney.  A business attorney will advise  you as to which steps you need to take to protect yourselves and your business.  Secondly, you will need, as rjoyce3582 previously stated,  an insurance agent to purchase the appropriate insurance policies.

    Congratulations on your business endeavor.  I wish you well!

    ---
    Are you an entrepreneur or would be entrepreneur?

    • 1 posts
    March 27, 2013 10:29 AM EDT

    All,

    First off, my wife and I are new here.

    Here is our question.

    We have an online business and sell several products that are safety/personal protection type products.

    One particular product that we sell involves "Water Safety". Its like an Alarm if you will.

    Our question: Should we have "Liability Insurance" or do we need "Liability Insurance"? and would being a LLC cover that?

    If.. we should need Liability Insurance where would anyone suggest we get it?

    Any information is greatly appreciated.

    Regards... 

    • 6 posts
    April 15, 2013 5:24 AM EDT

    The purpose of LLC is to protect your personal assets in the event of a liability.  It does not protect your from liability claims.   In the event of a loss liability suit the LLC would protect them from going after your personal house and finances.

    I think insurance is a good idea and is based on your company.  As an accountant error and omissions insurance is really important for me.  I would strongly suggest you talk to an insurance agent and do your own research to determine what is best for your business.