Business can be challenging. There are so many to-dos and so many legal things you need to do.

One question I often get is “What legal paperwork, licenses, or permits do I need?”

The first and most important one to consider is a Sales Tax License or Permit. You have to track that sales tax and don’t spend that money. Have a separate account for that.

If you are a home-based business, you’ll need a permit for that. You may also need a city or county permits. Go to City Hall or call your Chamber of Commerce to find out more. You’ll need a seller’s permit if you’re going to sell. You may need a health department permit if you’re in the hospitality industry.

You’ll need Federal and State Employee ID numbers in order to do business and have team members. Plus a W9 if you’re hiring independent contractors. Your bookkeeper can help you with these as well.

 

What about insurance?

Most businesses get into trouble here because they are not insured properly. Trust me, you do not want to get sued.

 

Basic Insurance Options

You need General Liability Insurance most importantly. Then you can get Product liability if you are offering a physical product too. Professional liability and malpractice insurance would come into play if you’re a doctor. You want to have property insurance too. It protects you above and beyond your General Liability. DNO Insurance (Directors and Officers Insurance) will only be needed if you have stock in the company.

Health Insurance is a must. Even if you feel like you ‘never go to the doctor’. Yeah, but what if? You want to make sure you are taken care of, just in case. 80% of bankruptcies are caused by health issues because aren’t insured properly.

Business Interruption Insurance is there in case something happened to your business. It is just an extra layer. Commercial Auto Insurance is available if you are using your car for your business.

 

Other Insurance Options

If you are in the tech industry, you may want Data Breach Cyber Security Insurance, which sounds crazy. But there is insurance for everything.

Key Man Life Insurance is in case the Founder of the company passes away. If offers support for the business while they find a replacement.

You won’t need all of these insurances when you are just starting out. But the reality is, you want to talk to your agent to make sure you are covered and your team is covered.

 

All of these things are looking at “just in case” situations. You want to be protected so that you can be covered to serve freely.

 

Remember, you are in business for yourself, not by yourself. Feel free to email us at hello@susiecarder.com for a referral to someone who can guide you through the process.   Your Partner in Prosperity,

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