Owning a business, (Website only, no employees), business insurance??
Pennsylvania if it matters.
Thanks for your help/
Answer:
If you want to protect your business property - your computers, printers, routers, etc. and other office supplies & furnishings you need business property coverage.
Every business also has exposures to liability losses. In your case, there is not much exposure to people being injured on your premises. But maintaining a web site falls into the same general category of publishing - just like a book, magazine or newspaper. You can be sued for a variety of things including libel, slander, invasion of privacy, false advertising, copywrite infringement, etc. There is no legal requirement for you to have liability insurance, but if you don't have personal assets to cover a $1,000,000 or more judgement against you, you better have liability insurance.
You should contact a local, independant insurance agent to see about a small business owners package policy. I have handled many of these for businesses just like yours. Coverage for your business property and liability could be as little as $50 - $75 a month.
You should check with a business insurance agent. Although it is a web base business and you are selling advertising on the site there are legal issues (Contracts) that can get you sued if something goes wrong. Should you incorporate? If you want to protect any assets that you have it may be a good idea. See an accountant or attorney for further details.
Business insurance is not only for people falling on your steps in the now if that's what you are thinking. A business insurance rider to your existing policy could protect you against lawsuits from even your advertisers if your server is down, from lawsuits where an injured party names you in the suit against a company that was on your website, from your computer bursting in flames, and/or a variety of things. Your policy will tell you what's covered and what's not. It's a business expense so it's deductible. You may never need to use the insurance (like auto or home insurance) but it sure will be peace of mind if you ever have to. Your insurance agency should be able to talk to you about a business rider to your policy. Compare the costs and coverage. If you or your business have a few million of liquid assets just in case you need it, then you don't need insurance.
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Only if you can be sued! Oh, which you can, for lots of things, on your website.
But as a LLC, I probably wouldn't bother. Although, you'll have a lot of advertisers refuse to buy space if you have no liability insurance.
You certainly will need insurance.
Even if you have no physical presence, you still have an online entity to protect, even if you are an LLC.
That just protects your personal assets against a claim filed against the company.
The company's assets are still at risk.
You can be sued for misrepresenting the quality of the product you are selling or if somebody uses something you sold and they get in some sort of trouble for it.
You also should buy some insurance to protect the physical assets of the company, even if you run it out of your house.
What if..a lightning strike destroys everything in your home including all the equipment you use to run your business. Your homeowner's policy does not protect ANYTHING you use to run a business, even if it is out of your home.
So even though you might think you have a limited exposure, you can see..you have a lot to protect and should buy enough insurance to protect it.
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I think it will be wise go get liability insurance, you are dealing with clients that can sue you. Also you can buy in surance to protect the equipment that you work with.Good luck in your business
yes you do need insurance, check with the brokers.
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