Things You Need to Know About Startup Business Insurance

Things You Need to Know About Startup Business Insurance

Even if you are just a startup, you need business insurance to recover from any potential crisis and get back on your feet. It will help you stay afloat as you work towards building a full-fledged company and develop a scalable business model.

What Kind of Business Insurance Do You Need?

It is important to note that you may need business insurance specific to your industry. However, these are the most important ones that you should get.

1. General Liability Insurance

General liability covers any damage to or on your business premises. You must get this insurance to protect your business and your livelihood, as well as your credibility as an enterprise.

This insurance covers both, damages to the property as well as any injury sustained by personnel, clients, or guests within the property. It can also extend to cover any damage caused by your team off-property but while on company duty. General liability mostly covers medical as well as legal fees.

2. Property Insurance

This business insurance for startups safeguards all your gadgets, gizmos, and other assets. It will cover your assets in case of fire hazards, thefts, and natural disasters. Property insurance will also pay for the replacement of covered physical assets, in case of damage or loss.

3. Workers’ Compensation Insurance

If you have employees, you might want to opt for workers’ compensation insurance. It will help cover for lost wages and medical expenses for your employees in case of injuries or health-issues at the company premises or while during a work assignment. It is also ideal for protecting your business from employee lawsuits.

These are some important business insurance policies that you should purchase for the protection of your company. Want to learn more about insurance that aligns with your business goals? Contact the experts at Steve Wilk Insurance. You can visit our office at 10 S Main Street, Suite C, Lombard, IL 60148. Our team is looking forward to helping you with all your coverage needs.