☰ ˟
Logo
Employee Benefits Login
We're Here to Help 716-634-7070
  • Home
  • Who We Are
    • About Us
    • Employee Directory
    • Customer Testimonials
  • Refer A Friend
  • Products
  • Claim Information
  • Contact Us
  • Resources
    • Insurance Glossary
    • Frequently Asked Questions
    • HR Management Solutions
    • Blog
    • Defensive Driving
  • Careers
  • Employee Benefits Login
Home > Blog > Do I Need Business Insurance For My Startup?
MONDAY, OCTOBER 21, 2019

Do I Need Business Insurance For My Startup?

Your startup's business insurance needs are going to increase incrementally, bit by bit, as you go. In its very earliest stages, a startup isn't anything more than an idea. Once you start putting your plan into action, that's when it becomes real, and that's whenimage of business owner on computer you need to start considering getting covered. Here's what you'll want to look into at each stage of the process:

Home Office: Once you have a home office set-up, you've made your business official, and you're probably going to want to look into professional liability coverage. This will protect you if someone has a claim against you over something related to your service or product. The best time to look into this is before you've landed your first client or customer.

Commercial Property: You will also want to look into getting covered for the property you use for work, as your home insurance will only cover that up to a limit. If all you have is a fairly inexpensive laptop, your home insurance may cover that, but if you have inventory, you're going to need to get that protected under a specific business insurance policy. Even data-related risks can be just as big a concern for a one-person business as it is for a multinational corporation, and you don't want to be paying for those damages out-of-pocket.

First Hires: If you are hiring contractors, such as an outsourced delivery service, you'll want to make sure that your service providers are insured. If you are hiring people on as employees, then their insurance needs become your insurance needs. Generally, the more coverage you have for liability and workers' compensation, the better. Get covered on these fronts as soon as you begin hiring on your staff.

Leasing Your First Office: Once you've leased an office or retail space, you're not just running a startup anymore, you're running a full-fledged business, and you're going to want to upgrade everything about how you run your company, including your insurance. Now you're going to need to look into bodily injury and property damage liability insurance, additional products and service liability, even personal and advertising industry coverage. Along the way you've been taking small steps in upgrading your insurance. Moving the business out of the home office, though, will be a giant leap.

It can be exciting to watch your business grow right in front of you, but you need to be realistic about yours means every step of the way. Maybe you can afford to rent an office and hire staff now, but are you ready to provide the business insurance required to cover those additional risks?

Also Read: Business Insurance Coverage for Your LLC

Posted 11:48 AM

Tags: business insurance, small business insurance, professional liability insurance, general liability, workers compensation
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2020
  • 2019
  • 2018
  • 2017

  • insurance(14)
  • business insurance(14)
  • life insurance(8)
  • liability(6)
  • cdc(6)
  • coronivirus(6)
  • home insurance(5)
  • auto insurance(4)
  • support(3)
  • service(3)
  • commercial property insurance(3)
  • small business insurance(3)
  • business interruption insurance(3)
  • covid-19(2)
  • home(2)
  • agency(2)
  • new york state(2)
  • general liability(2)
  • business(2)
  • coronavirus(2)
  • maintenance(2)
  • car insurance(2)
  • health insurance(2)
  • workers compensation(2)
  • safety(2)
  • benefits(2)
  • stahlka(2)
  • e and o insurance(1)
  • cares act(1)
  • loss of income protection(1)
  • summer(1)
  • uber(1)
  • new laws(1)
  • doh(1)
  • protection(1)
  • harassment(1)
  • partner(1)
  • paid family leave(1)
  • what does workers comp cover(1)
  • healthcare(1)
  • bops(1)
  • issues(1)
  • retirement(1)
  • commercial auto insurance(1)
  • attacks(1)
  • wealth(1)
  • summer projects(1)
  • new york(1)
  • technology(1)
  • shawn(1)

View Mobile Version

Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Logo
North Towns Office
6724 Main Street
Williamsville NY, 14221
South Towns Office
4250 Southwestern Blvd, Suite 1
Hamburg, NY 14075
SocialCBI button
Home Page| Products| Join Our Mailing List| Refer A Friend| Insurance Glossary| Search Our Site
© Copyright. All rights reserved. Powered by Insurance Website Builder