Maybe you’ve come up with an amazing product that everyone will need, or maybe you’ve finally decided to go into business for yourself. Whatever the reason is for starting up a new company, you’ll want to make sure that you protect your newest business venture.
Liability Insurance
Liability is probably the most obvious insurance and it is where most companies start. Liability insurance protects your company’s assets in case of a lawsuit. There are different “sizes” of liability insurance, so you’ll want to talk with an experienced broker to find the right policy for your particular business.
Health Insurance & Other Employee Benefits
There are few companies that can survive without employees. Having employees that are motivated and enthusiastic is never more important than when a company is in its beginning stages. Not only will an impressive employee benefits package help to retain employees, there are many tax advantages, too. Study after study show that when an employee feels like they are being taken care of, they work harder and are more devoted to the company. Your industry will dictate the type of employee benefits that will attract the best employees for your startup.
Disability Insurance
While this is often included in employee benefits, it is often overlooked, even though disability insurance is an important part in a startup insurance portfolio. Imagine the state of your business if you or any of the key executive players were injured and unable to work for months. There are many facets of disability insurance that you should consider, such as own-occupation coverage, waiting periods, benefit period, future increase option, cost-of-living adjustment, and non-cancelable. A qualified insurance broker should be able to make sure you have the right options for your business needs.
Life Insurance
As with disability, life insurance is often overlooked by startups or considered a low priority. Think if you’re company could survive if you or any of the key partners died. If the answer is no, you will want to make sure that all of the key players have life insurance policies in place to protect the business.
Of course, there are many more different types of business insurance policies available. You’ll want to get the ones that are necessary for your particular business.
If your startup business resides in Sacramento or anywhere throughout California, you can fill out our free online business insurance quote for startups and we can help you get your new business properly insured.
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