Q: I am planning to start my own business and am not sure whether or not I need small business insurance. How do I determine if this is a start-up requirement, the type of coverage I need and where would be the best place to get it
Most states will require you to have some sort of workers compenstation policy and it is never a bad idea to have some liability coverage. Five states (CA, NY, NJ, RI and HI) also require you to offer short term disability. If you are in one of these states and fail to provide the workers comp or short term disability coverage, you could face a very costly fine down the road.
Depending on what services your business provides, this can be more or less important. My advice is to speak with an experienced commercial insurance advisor and they can tell you what they feel you must have and should consider based on your specific situation.
It does not automatically transfer over to you. If you now own the ring, you need to buy a policy in your name to protect it. Most personal lines agents can handle this policy quickly. Some policies might offer no deductible and/or an agreed value on the ring, so you may want to evaluate what coverage is important to you given the premium differentials.