Business Insurance Essentials for Startups

Starting a business is no easy feat, and it takes some serious startup capital just to put your dream into motion. From internet access to rent — and everything in between — you’ve likely taken out a loan and invested your personal savings into your startup business. Isn’t that worth protecting? Disaster can strike at any time, along with criminal activity. But with a comprehensive business insurance policy at your side, you’ll be prepared and protected against loss.

In many cases, startup businesses are able to purchase a business owner’s policy, or BOP for short. This policy packs a lot of value into a small package by wrapping up all of the coverages you select into one simple bundle (with only one premium to pay). And as you probably know, bundling policies is a great way to save money on premiums, making a BOP a cost-effective investment in the security of your business.

BOPs include property coverage to protect your business’ physical assets and liability coverage to protect your business from expenses associated with third party injuries or property damage that occurs on business premises. You can also choose additional coverages to include, such as data breach, cyber liability, equipment breakdown and loss of income. Commercial auto insurance and workers compensation insurance will need to be purchased separately if desired.

The coverage you add to your BOP largely depends on the type of business you run. You may need cyber liability coverage if you store sensitive customer information on your servers, or liquor liability coverage if you run a restaurant or bar.

This brief overview is a good introduction to business insurance for startups, but it’s best that you speak with your independent insurance agent about your business’ needs and coverage options.

We’ll help you get started. Call RV Johnson Insurance at (772) 287-3366 for more information on Tequesta business insurance.