Business Insurance for Start-Ups
Starting a new business is exciting and interesting. It is challenging too. While building your business and mapping out new strategies to take it to the next level, you should make sure you're protected against any eventuality that could bring your business down on its knees.
Whether you're developing an innovative fintech idea or starting an e-commerce company, business insurance for start-ups gives you the confidence and protection to forge ahead, no matter the setback.
What is Business Insurance
There are huge risks involved when starting and building a new business, no matter the size or the industry. Your product might not work as promised. Customer information needs to be kept secured and out of the hands of unscrupulous elements on the internet. You might even inadvertently run afoul of constantly changing regulations.
No matter the risks, business insurance for start-ups ensures you are covered when claims are filed against you, helping you focus on the task of growing your new company.
Why Do I Need Business Insurance for Start-Up?
As a new business still trying to find its feet, a lawsuit could do significant damage to the company.
Liability Protection - If hackers somehow get ahold of customers' data or a client claims your product didn't do what it promised, you could be held liable by the court and be asked to pay compensation running into millions of dollars. Start-up insurance comes to the rescue, enabling you to stay afloat when these and other unforeseen circumstances emerge.
Confidence - Beyond protection, insurance for start-ups gives potential investors, partners, and collaborators the confidence to invest their time, skills, and resources into your business.
Facility Protection - Start-up insurance also protects your business premises. Fire, thefts, and floods are common issues that could stop business operations for days and months, disrupting progress.
Insuring your start-up means that you do not have to pay the cost of repairing or replacing office content. If you temporarily relocate to another building, start-up insurance also covers the cost.
Which Start-up Insurance Does My Business Need?
Depending on the type of business you do and internal risks, you may need some of the following business insurance:
Errors and omission insurance coverage
Cyber liability insurance
Business owner policy
Directors & Officers Insurance
Employment Practices Liability Insurance
Fiduciary Liability Insurance
How Much Does it Cost?
When it comes to start-up insurance, one size doesn't fit all. As start-ups are different, the insurance coverage company A buys might not necessarily protect your business from all the risks. Based on this, the insurance price also differs from start-up to start-up. Other factors that influence the cost of insurance are size, type of business, and the industry.
At Joyce Insurance, our in-house adviser works with you to determine all the coverages your business needs for the most complete protection. With the broadest protection at the most competitive pricing, you can finally give 100% attention to taking your business to the top of the industry.