As a founder of a new startup, there are several types of commercial insurance policies that you may need to consider, depending on the nature of your business. Here are a few types of insurance policies that you may want to consider:
General liability insurance: This type of insurance protects your business against claims of bodily injury or property damage caused by your business operations or products.
Property insurance: This type of insurance provides coverage for damage or loss to your business property, such as your office, equipment, and inventory.
Inventory Insurance: Helps protect your business if your inventory is damaged or stolen while in storage at your warehouse or fulfilment center.
Professional liability insurance: This type of insurance, also known as errors and omissions (E&O) insurance, protects your business against claims of negligence or mistakes in professional services provided by your business.
Cyber liability insurance: This type of insurance provides coverage for data breaches and other cyber threats that could result in the loss of sensitive information or financial damages.
Directors & Officers (D&O) insurance is designed to protect the personal assets of company directors and officers in the event of lawsuits or other legal actions brought against them in their capacity as directors or officers of the company.
Product liability insurance is another type of commercial insurance that may be important for a startup that manufactures or sells products. Product liability insurance provides coverage for legal claims related to injuries or damages caused by a product sold or manufactured by your company. This could include claims of defective design, manufacturing defects, or failure to provide adequate warning or instructions.
Workers' compensation insurance: If you have employees, you may need workers' compensation insurance to provide coverage for work-related injuries or illnesses. The easiest way to get workers' comp is through your PEO.
It's important to note that the specific types of insurance your business needs may vary depending on factors such as the industry you're in, the size of your business, and the specific risks associated with your operations. It's recommended that you speak with a StartSure licensed insurance agent to determine the appropriate coverage for your business.