This is a question that I am asked often. Just like any other insurance policy, business insurance is unique to the individual situation. However, in general the very first day you decide you will start or open your business the chance for a loss is present. Simply using your business name in a conversation or advertising could result in a claim. You want to be sure you and your personal assets, and your business and business assets are protected. Having the proper policies in place from day 1 is how you are sure you and your family have the protection you need.
If you are applying for a license, motor vehicle dealer or liquor license for example, the first thing you will need is a bond. Once you have gotten approval from the State you will then need to be sure your other policies are in place, garage auto liability for your dealer tags and operation and general & liquor liability for your bar or restaurant. Many state regulations require that you be insured, and adequately as well.
However, it must also be pointed out that if you are leasing space, own a building, or even operate a business out of your home you will want a general liability policy immediately. If someone gets hurt on that property they will sue you, and the building owner, and if it is where your home is, your homeowner carrier may deny the claim without proper notification and endorsements that business is being conducted on the property.
There are many different types of coverage that a business may need, please see our general business insurance page for general information or one of our specific niche pages for a particular type of business, like auto dealer, auto repair, bar restaurant, landscaper/snowplow etc..
As always if you have questions, changes or need more information please feel free to contact me or one of our three locations and good luck in your new endeavor!