You just started your new business venture. You’ve thought of everything…but have you thought about what could go wrong and cost you your livelihood?
As a start-up ourselves, we understand what start-ups need to stay covered. We’ve experienced first-hand how complicated getting insurance is, and knew there had to be a better way.
Insurance is not something to put off as you grow your new venture. Instead, creating your business with risk management in mind will help you build resiliency and position you to better weather any storms (both literal and figurative).
A new business that operates with fewer than 100 employees can typically purchase a Business Owner’s Policy which includes General Liability coverage and Property coverage.
BOPs generally make sense for small businesses based outside the home or businesses with equipment and property to protect. If you’ve made investments in expensive equipment, you’ll want to ensure it’s covered in case something unexpected happens.
A Business Owners Policy will also provide business income coverage. If you have to shut down unexpectedly, a BOP will help pay bills and payroll during your temporary closure.
Professional Liability insurance, also known as Errors and Omissions, provides coverage for your start-up for failure to uphold contractual promises in mostly service-based professions. If your business is providing a professional service, such as design, real estate, or software services, consider getting this coverage.
For example, software start-ups need to protect themselves from potentially being sued due to negligence or claimed product failure. Coterie’s Professional Liability policies can help protect against this risk.
Lastly, consider a General Liability policy if you don’t go with a BOP. Every new business should have liability coverage at a minimum.
Your start-up may still be figuring a lot of things out, but getting protection against the unexpected sooner than later is important.