Updated September 28, 2023
One positive trend during the COVID-19 pandemic was the burst of startup businesses. Today, more than three years later, this unexpected boom in entrepreneurship appears to be continuing. People are becoming increasingly motivated, and driven, to make a living in new and creative ways.
If you have taken the leap and launched your own startup business, it’s important to ask the right questions to secure the insurance coverage you need to protect your entrepreneurial ambitions.
Asking the questions: What are your insurance needs?
Whether you are freelancing or consulting, or have begun an entirely new niche startup, take a look at what needs protecting in your business: Your product(s), materials or ingredients? Your financial assets? Your reputation? Your employee or customer data? All of the above? A lack of insurance in any of these areas has the capacity to make or break your startup.
An additional consideration is whether your business is based at home (Will your homeowner policy be enough? Learn why it may not suffice.) or in another building. Do you own the building? Do you rent an office or warehouse space?
As you can see, new business owners have many factors to consider when deciding what coverage to have. Will a business owner’s policy meet all your needs? You may need to add extra coverage (endorsements). There are several different types of property and casualty insurance. Products include general liability, property, surety bonds, commercial auto, workers’ compensation, umbrella, and excess liability. (Learn more about types of business insurance.)
Navigating the tricky waters of business insurance can be confusing. Once you have a basic idea of what you want or need to protect, it’s time to call your agent. Your Bradish agent will listen to your needs, answer your questions and help you find the most appropriate insurance coverage for your startup.
by Kris A. Mainellis
