November 30th, 2009 | 
Author: Insurance coverage is a complicated subject and cannot be covered adequately in the space we have allotted here. We are not in the insurance business and therefore do not wish to have you consider this as advice in regard to the insurance you should purchase or from whom you should purchase it.
The material covered in this chapter is for the purpose of acquainting you with some general information regarding types of insurance that you should consider. See your insurance professional to determine what is available and what would be best for your business and for you. It would also be wise to consult with your tax planner, especially in the area of life insurance.
Health insurance has long been the nemesis of the self-employed. The costs are often prohibitive and the coverage poor. Many group policies are available through trade associations and insurance companies specializing in small business, but most of the premiums are fairly high. The best advice we can give is to tell you that you should explore every avenue and continue to get quotes on new coverage being made available. If you have the opportunity to keep purchasing health insurance from a previous company you worked for, that may be your best avenue.
When you have received information from several insurance companies regarding coverage and costs, you will have some last decisions to make. You will have to look at your insurance needs in terms of immediate needs and long-term protection. Know what is required by the federal and state government, by your lender or the title holder of your vehicles, etc. Also decide what kinds of insurance you will have to have to protect your business. Divide your insurance needs down into those that are required, necessary and desirable. Decide what you can purchase now, what you will purchase when financing allows and what you will put on hold until a future time.
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