Insurance for startups 101: what you need to know about protecting your new business.
Launching a startup is a little precarious. You need everything to align in order to see success. You’ve got a great business plan. You’ve hired great people. You’ve got a great strategy. Even so, you know you can’t predict what will happen next. Fortunately, there’s something you can do to take out some of the guesswork: get the right business insurance for startups.
Why does insurance matter so much? After all, you’re probably working on a tight budget and aren’t too thrilled to try to squeeze in another expense. But trust us, it’s worth it.
Without insurance in place, a single event could devastate your startup. Suppose an employee gets hurt on the job and sues you for the medical expenses. Or say there’s a fire in part of your building, and you need to temporarily shut your doors. With business insurance in place, you have a safeguard to make sure that closure isn’t permanent. Without it, you would have to funnel all the capital you’ve worked so hard to raise towards something other than your core business.
Clearly, insurance matters. To help get you started, here’s a brief checklist of coverage you should consider:
- Workers’ compensation insurance
- General liability insurance
- Commercial property insurance
- Commercial auto insurance
- Business interruption insurance
If this sounds like a lot, ask your agent about a business owner’s policy. This type of policy wraps a number of the protections your startup likely needs into one convenient package.
With everything you’re putting into getting your business off the ground, the last thing you want to worry about is business insurance. By contacting Nahai Insurance Services, you can free yourself up to focus on your core business. We’re dedicated to providing the right solutions to insurance for startups. Call us today!