A start-up business can be such an exciting and terrifying thing – at the same time. A start-up business is one that is constantly evolving from day one. This is part of what makes the business so exciting, and somewhat of a challenge to protect and insure. Fortunately, we here at Arnold Insurance understand a thing or two about business insurance for start-ups!
Business Insurance
For the most part, a business owner’s policy, or BOP, is in order. This will offer a certain amount of protection for your commercial property, equipment, inventory, general liability protection, and business interruption coverage. It is an essential coverage type for all businesses that covers many of the basics and it’s a great start for your insurance needs. But it is just the beginning of a robust risk-management strategy for your start-up.
General Liability Insurance
While some general liability coverage is included as part of your BOP, you will need a little additional protection to have the sound coverage most businesses need in today's society. Liability coverage does provide protection for judgments or settlements against your start-up business. It also provides protection, though, to help you pay your legal fees throughout the process.
Data Breach Insurance
Most start-ups are highly technological businesses. This means that you conduct business online and may even store client personal and/or financial data on your computers as well. This leaves them vulnerable to hackers and your business responsible should that happen. Data breach insurance helps your start-up weather the financial fallout of a data breach and may even aid in reputation management and public relations after such an event has occurred.
Commercial Auto Insurance
If there are vehicles on the road on behalf of your business you need commercial auto insurance for those vehicles, the people who drive them, and liability protection for your business. Even if employees operate their own personal vehicles, you should consider investing in non-owned vehicle insurance to protect your interests.
Professional Liability Insurance
This works as a sort of “medical malpractice” insurance for all industries. If you provide a service, this is one type of insurance you really can’t afford to go without. No matter how careful and attentive you may be, there is always room for mistakes or accidents. This insurance protects you when they occur.
Commercial Umbrella Insurance
As the name implies, this liability insurance protection provides an additional umbrella of safety for your business. If you are sued and the legal fees and judgments exceed your maximum liability coverage, your umbrella policy will come into play to make up the difference – up to the maximum of your umbrella policy.
Workers' Compensation Protection
Workers' Compensation is a must for any business that has employees. It is essential protection for workers who are injured, become ill, or die in the performance of their duties for your start-up business. It provides for the medical care and lost wages of your employees who are injured in this manner provided they do not seek legal action against you.
As you can see, there are plenty of essential insurance coverages you’ll need as part of your business insurance for start-ups. These are only the beginning, though. Depending on your specific industry or field, there may be additional types of insurance you need for adequate risk mitigation and protection.
Working with a dedicated insurance executive can help ensure your start-up business gets the protection it deserves!
Arnold Insurance Company in Nashville, Tennessee and in Franklin, Tennessee can help you get the right amount of insurance coverage, and types of coverage to meet the needs of your start-up business. Set up a meeting with Alyssa here! Outside of Tennessee? No worries, click the button below for information in our other markets!
Arnold Insurance knows that small business can be a risky endeavor. Learn more about what the right kinds of coverage are for a small business by downloading our free eBook: "Small Business Guide to Proper Insurance Coverage."
