Skip to main content

The 5 Insurance Products Essential for Startups

When it comes to growing your business, it is essential that you have the right cover in place. Simply having insurance is not enough. As your specific needs and requirements will be determined by what your company does – and how many employees it has – it is always crucial to ensure you have the best advice and guidance possible.

Insurance products do tend to vary significantly. While you can get your hands on information relating to the top 10 life insurance companies pretty easily, getting a tailored plan for your business takes a little more effort.

Employment liability insurance

Perhaps the most well-known of employment-related insurances, employment liability insurance is essential to ensure that defense expenses are covered by an insurer. This type of insurance is generally built into other insurance products or packages, and can offer peace of mind to any employer when something such as a discrimination claim is lodged. This insurance is crucial to any start-up with aims of hiring the most promising workers.

Comprehensive general liability (CGL) insurance

This type of insurance covers instances when a claim is made in regards to third-party bodily injury, personal property, advertising injury, or damage to personal property. The benefits to having this insurance are vast: the policy generally allows for you to select your own counsel, and this is paid for by the insurer.

CGL policies – like all insurance products – carry exclusions and limitations. Coverage is generally for $l million+, but CGL is becoming as close to an essential policy for new businesses as any out there.

Directors and officers (D&O) liability insurance

When it comes to the result of business decisions made by directors and officers, it is essential that there is cover in place which can protect them from any negative consequences of their business judgements. There are three distinctive sections which all cover different aspects of scenarios which could come to happen.

Not all businesses opt for the three aspects of D&O coverage.

First-party property insurance

The most common policy of this type covers the physical damage to all company property, including equipment. This is essential for any company which is finding its feet in the business world, just as it is for large companies with a number of locations under its belt. While there are a number of scenarios protected under the policy guidelines typically provided by insurance companies, there are also exclusions and limitations applicable to most.

Cyber and media Insurance

You can imagine that this insurance is beginning to become even more in-demand these days, given the extensive damage hackers and fraudsters can inflict on a business. Additionally, there is a distinction between the defense and indemnity these policies offer, which adapts to the growing complications associated with cybercrime. Crisis management assistance is also built in to many policies being sold today.

Remaining protected

Having adequate insurance in place does not rule out any instances or scenarios which could affect your firm. Being protected in the modern age is essential for any business, however, so ensure you always take necessary precautions.

The post The 5 Insurance Products Essential for Startups appeared first on Blogtrepreneur – For Busy Entrepreneurs.

from: Blogtrepreneur – For Busy Entrepreneurs
via Blogtrepreneur

Source: The 5 Insurance Products Essential for Startups Via Business Advice.

Comments

Post a Comment

Popular posts from this blog

How to Add Web Push Notification to Your WordPress Site

Do you want to add push notifications to your WordPress site? Push notifications allow you to send notifications to users even when they are not visiting your website. In this article, we will show you how to easily add web push notifications to your WordPress site. We will also talk about the best WordPress push notification plugins and how to send desktop & mobile push notifications from your WordPress site. What is Push Notification? Push notifications are clickable messages displayed on top of user’s desktop or notification area on their mobile device. They can be shown even when the user’s browser is not open. Aside from desktop, web push notifications also work on mobile devices. This allows you to reach your users across devices with latest updates and offers. Web push notifications have proven to be a very effective way to convert website visitors into customers and loyal followers. Why Add Web Push Notifications to Your WordPress Site? We have already discussed tha...
Post a Comment
Read more

7 Ways to Grow Your SaaS Startup Faster

Every startup looks for ways to catapult a business to success. Here are some tips for accelerating growth for SaaS (software as a service) companies. 1. Start charging early SaaS startups are often hesitant about charging customers. They think that their product is not yet ready, that it’s necessary to get traction and focus on expanding their customer base rather than on growing revenue. Deep inside, however, they often don’t just have enough faith in their product and are not sure if someone will buy it at all. They prefer keeping hundreds or thousands of free users to attempting to win a few serious customers. Big numbers are comforting but the product remains an unverified idea. Building a product should imply increasing revenue. So don’t hesitate too much—put it to the test by charging and see if it works in the real conditions. This is one way to minimize your risk too. Instead of waiting to launch until you’ve invested huge amounts of time and money, launch early. If...
Post a Comment
Read more

5 Things You Should Know about Purchasing a Company Vehicle

  Many businesses require a vehicle to do business. It transports both goods and people from point A to point B and allows you to keep business dealings in-house. However, choosing a good company vehicle can be somewhat complex. You shouldn’t take the decision lightly. Here are a few things you should know before you buy a vehicle for your business: Accidents can happen, placing liability on you. You might think that an accident won’t happen if you hire drivers with a good track record and write a rule-book with strict policies and procedures. These are good tactics for mitigating some of the risks associated with commercial car accidents, but they won’t protect you completely. More than two million car accidents happen each year. Many of them are commercial truck accidents, costing millions in damages. Since commercial drivers are on the road more than personal drivers, they’re significantly more likely to cause an accident. Understanding the liability that’s placed on yo...
Post a Comment
Read more