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Table Of Contents:

Modules:

1. Business Validation

2. Business Plan

3. Team

4. Marketing

5. Money

6. Business Entities in Michigan

7. Insurance And Contracts

Insurance And Contracts Overview

Overview

https://youtu.be/m1lUmTWb9pE

Framing The Question Of Contract And Insurance

Insurance is all about moving risk from you to the insurance company, so that in the event of an unfortunate circumstance, your business will emerge unscathed. The more risk you move, the safer you are - but the more you will pay in protection up front.

Contracts are about ensuring everyone involved has a clear understanding about what will happen, and legally binding all parties to keep their word.

Video Outline:

00:30 - Why you need an Legal Entity

01:40 - What is a Legal Entity

02:10 - You Options

02:50 - How to Choose

03:40 - Your Next Steps


1. Should I Just Skip Insurance?

If you have any assets worth protecting or that you would prefer to keep out of bankruptcy, the answer to this question is “no”. You should not skip insurance, even it is just an add-on to your current homeowner’s policy or basic liability policy.

Insurance is about shifting risk, and you want to move the big risks away from you and onto the insurance company so that if something like a lawsuit or injury takes place, you and your business will be protected.


2. What kind of Insurance do I need?

The short is answer is this: we don't know. And while you can become reasonably informed about business insurance by doing some independent research, you are going to need to talk to an insurance agent to get the information you need. There is no other way around it.

Small Business Insurance Basics

What Insurance Do I Need to Start a Business? | The Hartford

Best Small Business Insurance Of 2022


Introduction To Contract

The goal of a contract is to ensure that each party’s expectations are the same, and then to compel the parties to meet those expectations in some reasonable manner.