What Kind of Insurance Does an LLC Need?

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The acronym LLC stands for limited liability company. Find out about what kind of insurance an LLC needs with help from a business and finance professional in this free video clip.

Part of the Video Series: Business Tips & Insurance Info
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Video Transcript

Hi, I'm Ernie Bray, and I'm going to tell you a little bit about what kind of insurance an LLC needs. Now, first of all, what is an LLC? It's a limited liability company. Now that's kind of a misnomer in today's day and age, and nobody really has limited liability. Because we have a litigious society. So you need to think about insurance, and basically forming layers of protection for your business. Now my first suggestion is meet with a great insurance agent. Sit down with them, go over your needs. And they can discuss what would be best as your business grows. But what insurance should you start out with? Well, start out with the basics. General liability, build on that with an E&O policy. Making sure you have a policy to cover your property if the property is damaged or stolen. And then grow, let's say you need an auto policy for your business. Continue to add the layers as your business grows. But start out with the foundations, and you can build upon those as your business becomes more successful. Thanks a lot.

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