Why do I need insurance after I close my business?

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You’ve poured your life into your business, but it’s finally time to hang up your hat and retire. You find a great buyer and sell the business, or maybe you just close up shop completely. Time for some traveling, some fishing … and no more worries about commercial insurance. Unfortunately, this may not be the case.


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Umbrella insurance a business necessity

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There is a misconception that only large companies or corporations need umbrella insurance, that the coverage is expensive and may be unnecessary. On the contrary, an umbrella policy is a vital piece of coverage that can protect you and your business from losses that exceed your primary policy limits.


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Make a plan for business continuation

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When it comes to business continuation planning, the phrase “you can either fail to plan or plan to fail” certainly applies. As a business owner, you may have created a formal business plan or have done no planning at all. But if you fail to plan your own exit strategy, forces beyond your control may create a plan for you.


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