Most startups are often laser-focused on proving their business model, raising capital and most importantly growing their business. Consequently, they forgo safeguarding their startups from the long list of business killers. In fact, a survey conducted by Next Insurance found that 44 percent of 30,000 respondents have never taken an insurance policy for their businesses.
While buying insurance isn’t a priority for most startups, it can save businesses against legal fallouts and unexpected costs down the line. This document provides tips for buying insurance for your startup
Some kinds of insurance are required by law while others are required by investors or business associates. However, the type of business insurance you buy should protect your employees and your investment in the startup. Financial planners and insurers agree on one blanket statement – the most important type of insurance any business should have is general liability insurance. It can protect you from a wide swath of ills from property damage and bodily injury to libel.
Make sure to buy insurance that covers the risks for your business activities. For example, if your startup is a professional service firm, look into professional liability insurance, which protects against claims made for inadequate work or negligent actions. If the startup relies on its wheel, commercial auto coverage is a must.
2. Pick the Right Insurance Broker
Since insurance needs vary greatly, it is important that you find an insurance broker or agent who is familiar with your type of business. Research online and ask other business owners of the insurance companies they have found to be reputable.
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