Business insurance is something all businesses need, from the newest startup to the largest of corporations.
For every business, business insurance should be considered essential to their sustainability. Some types of insurance are required by law, while other insurance types may be required by your business associates or investors. Having business insurance shouldn’t be about the legality of the process; it should be about legitimately wanting to protect your employees and the investments you put into your business. Here is what you need to know regarding business insurance for startups.
General Liability Insurance
In the event your business is sued, general liability insurance offers financial protection. These lawsuits may arise as the result of injury or property damage that are tied to your business or even non-physical acts.
If you have a physical storefront where your business is conducted, then property insurance is something you need to invest in. It protects the building itself along with most of the assets that are found in offices. Many events can fall under this coverage, such as fire, smoke, wind and hail storms, and vandalism. Take note: damage caused by floods is generally not covered.
Backed by the federal government, the National Flood Insurance Program covers businesses from financial losses due to the property damages associated with flooding.
Business Owner’s Policy (BOP)
A BOP bundles commercial property coverage, along with general liability insurance. This option is chosen by many business owners because it’s typically the most inexpensive choice.
Insurance is something all businesses—especially startups—need to start recognizing as essential; it can save small businesses from bankruptcy due to the financial burdens of not having coverage. To find the right business insurance that will protect and cover your business, be sure to contact Scavone Insurance Center, located in White Plains!