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With so many people looking for an alternative to the traditional workforce it’s no surprise that numerous new small businesses open their doors every week in California. Starting your own small business from scratch was once considered very risky, however at the current time traditional forms of employment can seem a little insecure too. While there will be many things to attend to if you’re setting up or purchasing a small business in California, workers compensation, a business license and a business plan should be high on your priority list.
Workers’ compensation insurance
In California, even if you have only a single employee, you must (by law) have workers’ compensation insurance. There are penalties for failing to abide by the law. Not having insurance in place can also leave you vulnerable to a law suit if an employee is injured on the job.
While there may be specific licenses or permits you might need for your type of business, all types of business must obtain a permit from the city in which they will be operating – this applies even to home based enterprises. You may also need to register your business name if it is different to your name.
Many would-be entrepreneurs have fallen at an early stage through lack of planning. Creating a detailed business plan may get you off to a good start.
Will you need California workers compensation or other business insurance for your enterprise? Speak to us for information on the types of coverage you may need.*