Most entrepreneurs overlook the value of a relationship with a competent insurance agent, but a growing venture will require several types of insurance:

• Property
• Medical
• Errors and Omissions
• Life (on key managers)
• Workers’ Compensation
• Directors and Officers
• Unemployment
• Auto (on the firm’s vehicles)
• Liability (product and personal)
• Bonding

Major insurance firms often can handle all types of insurance vehicles, but specialists will be required for certain kinds of protection, such as bonding (which is common in the construction industry to protect against a contractor’s not completing a project), product liability insurance, and errors and omissions (which protects the business against liability from unintentional mistakes in advertising).

The new venture’s insurance needs will change over its life, and a good insurance agent will help the entrepreneur determine the needed coverage at the appropriate times.