Gaizer.com Tips for Business Start-ups

As business owners, you and your partners are exposed to risks that should be managed and reduced. Insurance will cover you against most risks. Insurance considerations for partnerships include:

• Unlimited liability; your personal and business assets are at risk in case of court judgments. The partners can protect the business by buying general liability insurance and other employer-based liability insurance if hiring employees.
• A partnership ends if one of the owners dies, is injured and cannot perform his or her duties, or retires. The partners can protect themselves with a buy/sell agreement, as well as business life insurance, disability insurance, or health insurance.
• Is your partnership prepared for the general risks associated with business operations, such as vandalism, theft, collision, or injury?