Business Insurance Guide for Startups

​Everything looks good on the first day of your startup. You have your business licenses lined up, signed and paid, your assets are working as intended, and sales come pouring in. But calamity strikes without warning and your business may risk substantial financial losses or its early closure. Business insurance is a sure-fire way to avoid or at least mitigate such losses. Here are the types of insurance that you want to consider getting to protect your business.

General Liability Insurance
This is one of the typical insurance a business must-have. General Liability Insurance covers your business when a third party happens to injure their person or property or created a bad reputation for another company. 

When one of your customers slipped and resulted in injury, your customer may claim damages. It can be financially taxing to cover losses, medical expenses borne from the accident, and other related fees. If you also unwittingly caused a bad reputation to another business through advertisement or interview, they may press charges.

Without a General Liability Insurance, you would surely pull out the expenses out from your wallet, and if insufficient, your assets.

Worker’s Compensation Insurance
Your business will have employees. A company must provide insurance for your workers, especially if your startup is high risk. Coverage can be group insurance, or you can apply for each of them individually. This insurance will cover medical expenses, and wage replacement in the event one of your workers suffered an injury while working.

Commercial Property Insurance
This insurance will cover the personal property of your business. This includes your equipment, furniture, and fixtures. Damages caused by weather unusual disturbances like windstorm and hail, fire, theft, and vandalism are covered. Since you are a startup, consider the equipment you want to insure. Ensure the machine that revolves around your business.

Professional Liability Insurance
If a client accuses you of losing money due to your business’s mistake, then professional liability insurance will cover it. Most startups are focused on consultation, or what their specialized education has to offer. 

Professional Liability Insurance covers business and financial consultants, architects, medical professionals, and IT professionals. Skills-based work like smithing, carpentry, and painting have another type of insurance they can be covered with.  

Conclusion
Startups require constant care and effort to grow. However, there are unforeseen circumstances that may affect its stability. Have your business insured for your startup's bright future.

At Arnold Insurance Agency, LLC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (318) 965-5953 or Click Here to request a free quote.