When you get a home, you should make sure that you have adequate homeowners insurance. If you have a mortgage, your lender is going to require that you spend $500 to $1,000 to make sure that you can fix any damage that happens to the home. It will also provide you with financial protection in the event that anyone is injured while on your property.
Don’t Put Your Family or Your Business at Risk
If someone is hurt on your property and wins a judgment against you, the judgment could be worth thousands of dollars or more. In extreme cases, you may be forced to sell your home or other belongings to pay that amount. In the event that you have to file for bankruptcy, business assets as well as personal assets could be liquidated if you operate as a sole proprietor. In a Chapter 7 case, you are obligated to stop running your company.