What type of Insurance should I have for my business?

UPDATED: Sep 30, 2022

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What type of Insurance should I have for my business?

I have a small online retail store. I sell through online trough eBay and my own site. I do not manufacture anything I sell but am now starting private label products. I make over 75k year. I am not an LLC.

Asked on February 4, 2017 under Business Law, North Carolina


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

First, set up an LLC and run your business under the LLC: that will go a long way towards protecting your personal assets (e.g. money in the bank; house) from business debts, liabilities (from being sued), obligations, etc. That's the whole point of a "limited liability company," after all.
Second, you will want *a lot* of liability insurance if you're getting into private labeling--you want to be protected if anything you private label and put out there hurts anyone. You'll probably want to insure your inventory, in case what have labeled is ruined by fire or weather, or stolen. You may want some insurance vs. loss of data or computer files, or for lost profits due to a temporary "business interruption." And if you have employees, you'll want to buy the insurance that covers you against employee dishonesty. Any reputable insurance agent can help you get the right insurance. Business insurance is surprising affordable (I used to have a publishing company with gross sales of $500k per year back in 2005, and got all the insurance I needed then for around $2k/year, which was also, by the way, a deductible business expense); don't skimp on it.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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