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Window for LLC insurance?

by bethi, Window Shopper

  • Created: January 11, 2011, 5:53 am
  • Updated: January 31, 2011, 4:38 pm
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3 comments

Hi,

I have recently registered my LLC with the state. Being that LLC means we have Limited Liability, how long do I have to make sure I have the Liability Insurance in place? Is there a window that I have after registering? Is it mandatory that I have the insurance if I'm registered as an LLC? Thanks.

Tags: Discuss Popular Topics, Starting & Registering a Business
‹ Magic Tricks What are the steps to register a business name? ›

BriaS | Community Moderator | 1/11/2011 - 7:57 am

Hi Bethi, I am guessing you have registered already (from our last discussion)! Check out a few resources from our Business Insurance Page: 5 tips for Buying Business Insurance Insurance Requirements for Employers The Business Insurance page explains that insurance is not mandatory, but it is a smart option, even for a LLC. If you do have employees, you are required to have some type of insurance. Check out the second link to give you the specifics for your state. BriaS

BizResearcher | Window Shopper | 1/11/2011 - 7:48 am

LLC is a business entity form. It has nothing to do with insurance. When you establish your business as an LLC or a corporation, you separate your personal assets from your business assets. Therefore, if you were to be sued, only your business assets would be affected; your personal assets would be protected. That said, all businesses need insurance. There is no specific time in which you must obtain it, but it should be one of the first things you do.

bethi | Window Shopper | 1/13/2011 - 5:48 pm

Show Replied Text…
Hi Bethi, I am guessing you have registered already (from our last discussion)! Check out a few resources from our Business Insurance Page: 5 tips for Buying Business Insurance Insurance Requirements for Employers The Business Insurance page explains that insurance is not mandatory, but it is a smart option, even for a LLC. If you do have employees, you are required to have some type of insurance. Check out the second link to give you the specifics for your state. BriaS
thank you!