Business Insurance For Startups

​Starting up a new business costs a lot of money and only shows results after the evaluation period. By having a startup business, you are ready to be exposed to various risks. These risks show up with whatever the nature of your business is. With all the expenses you are having, do not let more expenses occur by not having your assets safe and secure. In this article, you’ll find out all about business insurance startups that you should know of.

What is business insurance for startups?
Business insurance for startups can reduce your expenses when something goes wrong. Policies that are applicable for startup businesses can cost from USD 500 to USD 10,000 annually.

Why do startups need business insurance?
Startups are defined as businesses that had just been registered and started doing business within a certain industry. Startups can be so fragile and may need protection if involved with unfortunate events. One major event could get a startup closed right away.

What are the types of business insurance for startups?

1. General Liability Insurance (GLI)
   If your business requires you to meet people to market your product, sell physical items, or services that need manual labor, this policy is a good idea. GLI is also good for business owners who work with freelancers who work remotely. 
   
   General Liability Insurance can cover damage to property or assets that an employee causes.
   
   
2. Worker’s Compensation and Employee Practices Liability Insurance (EPLI)
   If the business you’ve just started has employees working full-time or part-time who you pay for, the EPLI is most likely to be required. EPLI covers expenses due to health concerns or unattained wages due to health concerns. 
   
   
3. Cyber Liability Insurance
   Since most startups today have their products and services available online, you would act more on digital set-ups. With this, insurance policies can protect your company from damages caused by viruses, data breaches, leaks, downtime, loss of profit due to unavailability of service, and many more.

Takeaway
You’ve already invested a lot in your business startup. Compare the cost of getting insurance to paying the cost of damages and loss of profit. Premiums would be much less. You’re busy enough, have an insurance agency work for you and your finances.

At Insurance Marketplace, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we’re here to help you out. Learn more about our products and services by calling our agency at (541) 779-0177. You can also request a free quote by CLICKING HERE.