What insurance do I need for my startup?
[video: an illustrated header displays the Insureon logo and the text: "What insurance do I need for my startup business?"]
NARRATOR: Starting a business often comes with the same or even greater risks that bigger, established businesses face. But having the right insurance coverage will protect your business from costly legal fees, repairs, and medical expenses.
There are several insurance policies you can carry that offer valuable peace of mind, and safeguard your new business.
General liability insurance covers third-party accidents, such as customer injuries or property damage.
[video: an illustrated header displays the text: "General liability covers: Slip-and-fall accidents; Client property damage; Product liability lawsuits"]
Commercial property insurance covers costs if your business property is damaged, destroyed, or stolen.
[video: an illustrated header displays the text: "Commercial property covers: Fires; Storm damage; Equipment theft"]
A business owner's policy, or BOP, bundles general liability and commercial property coverage together. It typically costs less than buying both of these policies separately.
[video: an illustrated header displays the text: "A BOP covers: Client accidents; Stolen or damaged property; Business interruptions"]
Errors and omissions insurance will protect your business from lawsuits related to work mistakes and oversights. This policy is also referred to as professional liability insurance.
[video: an illustrated header displays the text: "Errors and omissions (E&O) covers: Accusations of negligence; Missed deadlines; Errors that cost clients money"]
Cyber insurance can help your business financially recover from data breaches and cyberattacks.
[video: an illustrated header displays the text: "Cyber insurance covers: Data breach notification costs; Data breach investigations; PR costs for reputational harm"]
Workers compensation insurance is required in most states and can shield your startup from work-related medical costs.
[video: an illustrated header displays the text: "Workers' comp covers: Work-related medical expenses; Disability benefits; Lawsuits from employee injuries"]
Commercial auto insurance protects your business from auto accidents involving company-owned vehicles.
[video: an illustrated header displays the text: "Commercial auto covers: Auto accident injuries; Property damage caused by vehicles; Vehicle theft and vandalism"]
Employment practices liability insurance helps pay for legal expenses if an employee sues your startup for discrimination, harassment, or wrongful termination.
[video: an illustrated header displays the text: "Employment practices liability covers: Wrongful termination claims; Discrimination lawsuits; Other violations of employee rights"]
Directors and officers insurance covers lawsuits related to decisions made by officers and board members on behalf of your startup.
[video: an illustrated header displays the text: "Directors and officers insurance covers: Lack of transparency; Mismanaged funds; Failure to comply with regulations"]
So, why is it important for you to have insurance for your startup?
[video: an illustrated header displays the text: "Why is insurance important for a startup?"]
You may need coverage to sign a contract or lease. You also might need insurance to comply with federal, state, and local laws.
[video: an illustrated header displays the text: "Startups may need insurance to: Sign a contract or lease; Apply for a loan; Comply with federal or state laws"]
Additionally, insurance protects your startup from catastrophic losses that could shutter your business. Plus, the right coverage can help you gain client trust, as well as attract top talent to your startup.
[video: an illustrated header displays the text: "Insurance can also help: During business closures; Gain client trust; Attract talent"]
Get the best coverage for your startup with Insureon today. Click the link to get started.
[video: an illustrated header displays the text: "Insureon is your #1 agency for small business insurance"]
[video: an illustrated header displays the Insureon logo]
Startups face the same risks (if not more) as bigger, more established businesses; and, any business, small or large, should have the right risk management plan in place. In this video, we discuss the policies that new business owners should invest in to protect their startup from financial burdens like frivolous lawsuits, costly repairs, and expensive medical fees.
Learn more about insurance for startups.
Get insurance for your business with Insureon
Complete Insureon’s easy online application today to compare insurance quotes from leading insurance companies. You can also consult with an insurance agent on your business insurance needs. Once you find the right policy for your small business, you can begin coverage in less than 24 hours.
