A start-up company can qualify for a commercial insurance policy, but the details of any plan may vary based on the nature of the business. Depending on the type of products or services that you provide, the insurance policy that is most appropriate for your needs can vary. That is why it is important to work with an independent agency to find the best policy for your situation.
General Liability Plans
Depending on your company, the amount of liability protection that you need may vary. Regardless of your business and the fact that you are running a start-up company, it is usually best to obtain liability protection based on your risk and the possible injuries that may occur.
Liability protection will ensure that if your products have a defect or if your customers or visitors to your company happen to be injured for any reason, you will have the coverage available to pay for those injuries and medical bills.
If your business owns any property, then insurance is important. A commercial auto policy or a property plan is appropriate based on the type of property that you own.
Ideally, you want enough protection to cover the loss of property after any normal disasters. For example, a fire or a break-in may be covered under a basic policy. In some cases, it may be appropriate to look for additional protection if you are worried about specific problems, such as flooding.
Any other form of insurance that is appropriate for your business may vary. An entrepreneur is responsible for coverage based on the potential risks, which may vary. For example, you may need workers compensation or other coverage for your employees, but that might not apply if you have not hired any employees.
Owning a company does not mean that you have no options available for commercial insurance. In many cases, coverage is necessary shortly after you set up the company. Contact us to talk an agent for more information.