So, dear old Dad (or perhaps Mom) decided you were ready to take over the family business. Or maybe Uncle Harold left you his business in his will. If you choose not to sell, the business is now yours to run and legally profit from as you see fit. As the new owner, you’ll need to handle responsibilities such as securing commercial insurance. While a business can be inherited, commercial insurance cannot.

What to Do Next

Once you inherit the business, the first step is to review all of its legal, financial, and tax paperwork. Next, it’s time to hire an independent attorney who can help you assess the current state of the business and create a plan for future challenges. These plans may be outlined in the former owner’s succession plan and business plan. If you prefer not to manage the business alone, you can consider taking on a business partner.

After legal and financial assessments, you’ll need to complete the necessary tax and legal paperwork, including applying for an employer identification number (EIN) or tax ID number. Transparency is key—ensure everyone involved is on the same page. Research financing options in case your business requires updates or overhauls. Before making any major changes, secure a comprehensive commercial insurance policy to protect your business against unforeseen incidents on the premises.

Contact IAL Insurance in Indianapolis

If you’re in the Indianapolis, IN area or have a business there, contact IAL Insurance. Our experienced agents are dedicated to helping you find the most suitable commercial insurance policy for your needs.