Most standard policies define a business as a "trade, profession or occupation engaged in on a part-time, full-time or occasional basis" that in the last 12 months earned $2,000, according to Christine G. Barlow, a Chartered Property Casualty Underwriter and associate editor of FC&S Online, which interprets insurance policies for the industry.
Talk to an insurance agent about the type of business insurance you need.
4. Never telling your beneficiaries about your life insurance policy
Imagine paying thousands of dollars in premiums for life insurance, but your loved ones never collect a dime after you die. Unfortunately this happens all too frequently because policyholders fail to give their beneficiaries the information they need to file a claim.
Family members often report knowing there was a policy but having no idea the type, amount or company. Make it easy for your loved ones. Give your beneficiaries the company name and policy number and let them know where you keep your important documents.Here's how to find lost life insurance policies.