Before you can start a business, you will need to complete certain legal requirements, such as filing a business formation documents with the state and preparing an operating agreement. Protecting your personal assets is essential when starting any kind of business, because failure to do so could lead to financial losses and other legal complications. For example, if you're starting a bakery and don't have proper insurance in place for lost income or property damage, a court may order you to pay back loyal customers who helped you get started. Finding the right business insurance policy is also important; make sure to ask specific questions about coverage and McGuireWoods can help identify the best policy for your newly formed company.
Two popular types of business insurance policies are liability insurance and commercial general liability (CGL) insurance. Liability insurance protects businesses from lawsuits stemming from faulty products or accidents that occur during the course of operations. CGL insurance covers businesses from claimss filed by third parties (like customers, employees or others