In this article, we will go over how to legally protect your home service business. Furthermore, we will go over a few steps you can take to insure your businesses assets are protected.
Additionally, this protection includes negating lawsuits from accidents or injuries that arise. Also, it’s best that your personal assets are protected from any liabilities your business induces as well. We will also go over the best way to achieve both.
Above all, we go over a few steps you can take to minimize any risk you may have.
Limited Liability Company Formation For Your Home Service Business
If you have already protected your personal assets from legally binding debts brought on to your business by forming an LLC, you’re in good shape. You can move on(or scroll) to the next section.
When you Form an LLC, you insulate your personal assets.
It all says it in the name, right?
“Limited Liability”.
Picking the Right Business Insurance
Let’s think of it this way, your home service business alters property, or there is a possibility property can get damaged in anyway, you need business insurance.
InsuranceBee is a company that will give you a free, and no obligation quote for business insurance on the fly. They are a one stop shop business insurance company. So, if they cannot insure you, they will try with one of their many partners.
You should take advantage of their quote request form.
Practice Safety Precautions in Your Home Service Business
It is inevitably best to practice safety precautions to legally protect your business. Business insurance is good to have(more people will want to hire you and it protects your out of pocket expenses when an accident occurs) but it is better if you never, or very rarely have to file a claim.
Your rates will then go up, but you could save thousands of dollars.
We always suggest having a set-in-stone set of guidelines for your workers when performing work that could cause damage if done improperly.
This is good practice anyways.
We’ve partnered with InsuranceBee, because they are the best in our opinion. They will go over and beyond to get your business insured.
Conclusion
There are many ways to legally protect your home service business. We have named the basics in this vary article. From an LLC today!
Or,
Check out this article, “How to Start a Business The Correct Way”.