STARTING A BUSINESS
You may be thinking about starting a small business with plans to grow larger or you might be purchasing an existing business with substantial size. The David Agency takes pride in our ability to counsel entrepreneurs from the birth of a company, to a mature business, to the passing of a company from one generation to the next. As your business grows it goes through multiple phases and each phase has a different type of need for the transfer of risk.
Business Insurance (Property and Casualty)
For a more in depth explanation of these and other types of coverages, please go to our Business Insurance Section.
Typical types of Business Insurance to Consider:
We have binding authority with our contracted insurance companies and are typically able to place coverage on an immediate basis. We want to put an insurance program together for your company that fits your coverage needs within your budget.
Click here to get a Business Insurance proposal.
The decision to offer employee benefits to your employees is very important. In today’s environment, with the laws that are being passed by government, this process can be complicated and convoluted. We can assist you in setting up an employee benefits package that can be as simple or robust as you want it to be, based on your budget.
In addition to the normal application and census data required for all employers applying for coverage, the following additional items are required for businesses that have been in operation for less than 3 months (items vary slightly based on carrier you are applying with):
From the time all application paperwork is submitted to the carrier for an underwriting review, it normally takes 1-2 weeks to get a response. Therefore, we recommend starting this process in your first phase of business planning PRIOR to the first day of your business opening. If you start the process the first month of your business opening, everything can be submitted for a quote as soon as your payroll for that first month is available. This usually results in coverage being effective starting on the third month in business. If there is a need to have coverage in place the day your business opens, The David Agency is able to engineer a plan that is constructive to your business, your employees, and your budget.
For more information or if you would like a quote, please click here for a group health quote. If you want to skip filling out all of the information, just put your name and phone number and we will contact you immediately!
The Personal Homeowners insurance policy only protects for your leisure and has exclusions for any “business” pursuit. Many personal insurance companies will add an Endorsement to your homeowners/condo/apartment policy to provide insurance for Business-owned Property and the Liabilities of your home business. This coverage is available for many home based businesses. However, more laborious classes of business would require its own separate dedicated Business Insurance policy. Additional coverage for Workers Compensation is a must to consider.
Click here to get a Home Business insurance proposal.
As needs vary widely depending on numerous factors, it is important to talk to an advisor prior to making any important Financial Planning decisions.
Consult the Chicago Insurance Agents at The David Agency today to learn how we can help develop personal insurance, business insurance and employee benefit plans that are right for you and your business.
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