Insurance for Startups
Startups and new businesses can be scary. It’s a risky financial move, but it can also have huge reward. If you have your own startup, it’s important to take measures to protect you, your business, and your employees. Getting commercial business insurance for your new company is essential for future success. Your business could greatly suffer if you don’t have a policy in place. Accidents may be expensive and it’s always best to be prepared!
One of the most essential types of insurance is liability insurance. This will help protect your business from bodily injuries that may occur and any property damage. It can also help provide protection is a client or customer is sustains injury from your product. Keeping your company protect in these early stages could be essential for future success!
Workers comp helps cover injuries that your employees sustain while on the job. This could include them slipping and falling, injuries from machinery, or potentially even injuries from typing too much code. It could even be helpful if a friendly office ping pong match gets too intense! If someone on your team gets hurt and can’t work, it not only hurts your company, but it is expensive for them too. Medical bills can skyrocket quickly, so it’s a good idea to have an adequate policy in place. Many states require businesses to have a workers comp policy in place.
Cyber Liability
Companies store their information on the Internet, and unfortunately this leaves businesses susceptible to a data breach. Keep your startup and your employees protected in case you are a victim of stolen information. It could be as easy as an employee losing their phone or someone hacking into one of your accounts. A data breach can also be extremely costly, so having cyber liability insurance can help cover some of the costs. It can happen to any business at anytime – protect yourself!
Errors and Omissions
This type of insurance helps protect startups from any errors in your product. These could include: negligent acts, errors, omissions, or misleading statements. Basically, it helps protect your from financial loss if your product or service doesn’t go quite as planned. This can be especially important if you have a tech startup or are a SaaS company.
While your business should have general liability insurance, excess liability may not be a bad idea. It can help cover any large-scale accidents, and provide additional coverage above the limits of your other business insurance policies T. This type of insurance may also be called an umbrella policy. Basically, it helps fill in any gaps in coverage and gives you some more peace of mind.
Starting a new business is exciting and unique. Each business has their own quirks and needs. To best help protect your new company, talk to an insurance agent! They can help you figure out what policy will suit your needs. There are lots of other policies that are not mentioned in this article, and speaking to an agent will make sure you have all your bases covInsurance for a tech startup can differ from insurance for a clothing brand. Whatever your company needs, it’s important that you help protect it.
You can call 888.754.8299 and chat with an Encharter agent to address any questions or concerns about startups and insurance!
Additional resources:
https://baremetrics.com/blog/startup-insurance
http://foundershield.com/professional-liability-insurance/
https://www.startuppercolator.com/top-5-insurance-products-for-startups/
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