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Painting Business Owners: Do you need insurance when you’re starting or building your business?

Name: Painting Business Owners: Do you need insurance when you’re starting or building your business?
Uploaded: 2023-12-29T14:00:15+00:00
Duration: 48 s
Channel: Daniel Honan
Description: Two speakers advise painting business owners on insurance needs. General liability and workers' compensation are essential. Speaker B warns that an LLC…

29 Dec 2023 · 1 min

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Two speakers advise painting business owners on insurance needs. General liability and workers' compensation are essential. Speaker B warns that an LLC alone won't protect your personal assets if sued, and recommends carrying $500,000 to $1,000,000 in umbrella coverage.

Chapters

Another thing to look at for sure is insurance, general liability, workers' comp. Most states require that.
You want to have proper coverage. We don't foresee accidents, and that's how we sometimes get in trouble. Oftentimes, really good lawyers can do what they call pierce the corporate veil. If they can convince a judge that you are somehow personally liable, they might be able to go after your personal assets, even if you have your LLC in place. LLC, good idea, is not a silver bullet. Recommend is a good umbrella insurance policy cover you for all sorts of problems. $500,000 or $1 million makes a lot of sense. They tend to be somewhat affordable. You don't want to have happen is somebody file a claim against you, home or your vehicles or your retirement savings are at risk. Want to make sure that you're protected.