Business Insurance for Start-Ups

What new business owners need to know about commercial coverage.business team at work

If you are getting ready to launch your business, then you are probably excited to see everything that you have worked towards come to life.  Naturally, the last thing that you want is for a damage event or liability issue to hurt your company before it even has a chance to accomplish anything.  This is why it’s so important to protect your company with the right commercial coverage.  Not sure where you should begin with business insurance?  Then here are some of the things that you should know.

Why You Need Coverage

First, it’s important to understand why you need to secure insurance for your business.  In the simplest terms, business insurance is designed to protect both your commercial and personal assets.  Your commercial coverage offers financial protection in the event that your business sustains damage or is on the receiving end of a liability claim.  Your coverage can help you pay for repair costs, compensation expenses, legal fees, and so on.  Without the right commercial insurance in place, you would have to cover the full cost of business damages and liability issues out of your own pocket.  This, in turn, could compromise your business’s revenue and even your personal savings.  This is why it’s so important to have the financial protection that only commercial insurance can offer.

When Should I Secure Coverage?

Business owners should secure commercial coverage as soon as they launch their companies.  This is because your company opens itself up for risk as soon as it opens its doors.  You should secure commercial coverage even if you are operating out of your own home.  This is because your homeowners insurance will not provide coverage for business-related inventory, equipment, supplies, or liability events.  The only way to protect your fledgeling business is with the right commercial coverage.

Which Policies Do I Need?

With all the coverage options out there, it can be difficult to determine which policies are right for you.  Some of the most basic and essential forms of commercial coverage include the following:

  • Commercial property
  • General liability
  • Professional liability
  • Product liability
  • Cyber liability
  • Commercial auto
  • Business interruption

This is what startup companies need to know about commercial insurance.  Do you have additional questions about your business insurance?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to get you the coverage that you need today.