4 Kinds of Insurance You May Need For a Startup Business

When beginning a business, many industry owners do not always have insurance coverage. Some can’t afford to insure their company or their personal lives. When starting a company, big or small, you should have coverage. 

What kinds of coverage can you get for your startup industry?

General Liability

This insurance is a must for any company. All businesses, big or small, even a home-based business, should have liability coverage. This kind of policy protects you and the business from legal ramifications. 

If your business or its employees cause any damages or injuries to a third party, you will be protected. 

BOP Insurance 

A BOP is the company’s owner’s policy. This policy is a package that includes all the insurance an industry owner might need. You can change what insurance policies are included in the BOP

These changes can be made based on what the business needs. You can also save money. This bundle of policies usually costs less than having individual policies.  

Employee Compensation Coverage

Workers compensation coverage can be critical to the business and its employees. It provides insurance for those workers who are injured while working. Workers compensation coverage replaces wages and provides some money towards medical expenses. 

Although for this insurance to take effect, employees have to forgo the right to sue the business. Workers compensation both protects the employees of the company and the company itself. 

Every company must have an employee compensation policy. The future problems of not having this kind of insurance can be severe. 

Professional Liability Policy

General liability does not provide the coverage that this insurance policy offers. This policy protects against failure to render proper professional services to clients. 

Professional liability coverage can cover any professional firm. Professional firms can include law firms, insurance agents, accountants, and so on. It does not apply to property stored at storage use as Go Mini’s.

To Sum It All Up

The types of insurance you can get for your business are many. There may be too many to choose from. How do you know what policies to get for your startup company?  The day you start your business, you are exposed to all kinds of risks. These risks can easily be taken care of with these policies. Unfortunately, some businesses do not know what insurance is needed for the company. Startup owners need to take time to investigate this issue and make smart choices.