Insurance Records

Keep yourself out of trouble with accurate records of your insurance policies.

Keep all records pertaining to your company's insurancepolicies. This includes auto, life, health, fire, general liabilityand any other coverage you may obtain to decrease the risk ofliability in a specific area. List carriers of the policies and theunderwriting agents who issued the policies. Also, maintain recordson any claims made against your policies in order to resolve anymisunderstandings that may arise.

When updating your records, enter all information about thepayment of premiums: the date the check was written, the amount andwhich policy it was written for. This will help with paymentdisputes and tax preparation.

Excerpted from Starting a Home-based Business

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