Lesson Summary

Before obtaining a professional position, passing state licensing exams and securing necessary credentials from the state licensing board is crucial. This typically involves filling out an application, paying a fee, and meeting certain requirements. Licensing differs from being insured and can only be obtained from the state. Insurance is essential to protect against legal claims such as bodily injury or malpractice, which can be financially damaging to a business.

There are various types of insurance policies that can be invested in:

• General Liability: Covers third-party claims for bodily and property damage.
• Professional Liability (E & O): Covers general liability and negligence related to professional errors.
• Commercial Property Insurance: Protects physical assets from unexpected events like fires or theft.

For insurance options:

• Hiscox USA: Does not require licensing and covers various countries.
• Insured Body Work Insurance
• Beauty Insurance Plus
• State Farm Insurance

Lesson Summary

Before securing a professional role, passing state licensing exams and obtaining credentials from the state licensing board are essential steps. This involves submitting an application, paying a fee, and meeting specific requirements. Licensing is distinct from being insured; licenses are solely issued by the state. Insurance plays a significant role in safeguarding against legal claims, including bodily injury or malpractice, which could have severe financial consequences on a business. Several types of insurance policies are available for investment:

• General Liability: Covers third-party claims for bodily and property damage, including legal fees, settlements, and damages.
• Professional Liability (E & O): Covers general liability and negligence resulting from professional errors, with rates adjusting based on specific service risks.
• Commercial Property Insurance: Protects physical assets from unforeseen events like fires, theft, or vandalism, with optional coverage for floods and earthquakes.

For insurance options, Hiscox USA is recommended for not requiring licensing and providing coverage in various countries. Other recommended insurance providers include:

• Insured Body Work Insurance
• Beauty Insurance Plus
• State Farm Insurance

Before choosing an insurance provider, it is advisable to compare coverages online or speak with a representative for clarification on specific package components and costs.