Business Insurance for Startups

Startups are often ripe with lucrative and rewarding potential—but may also be rife with risks and exposures. Regardless of how well you’ve planned your new business’s growth and mission, unexpected mishaps and unforeseen hurdles likely lie in wait along the road to success. Investing in the right business insurance package can make all the difference. At On the Coast Insurance Agency, we’re here to help your startup secure optimal coverage.

What Is Business Insurance?

Although commonly thought of as a type of policy, business insurance typically refers to several forms of coverage that may each fill various insurance needs. Although some insurance companies may offer prearranged packages, you’ll also often have to assemble your own business insurance portfolio composed of several types of policies.

What Types of Coverage Does My Startup Need?

Even when compared with those of similar size or within the same industry, your startup is unique, as are its insurance needs. Still, several types of insurance may transcend these specific details and bear value for most startups. Consider the following common components of business insurance:

• General liability insurance may account for losses arising from third-party bodily injuries, property damage and reputational harm for which you’re at fault.

• Commercial property insurance may help with repair or replacement costs if your business’s physical assets, such as its building or equipment, are damaged, lost or stolen.

• Workers’ compensation insurance is often required by law and may help manage the financial implications of employees’ work-related health problems.

• Business interruption insurance may help you stay afloat if your operations are disrupted by a covered incident.

Depending on your industry and operational details, additional policies may be advisable. For example, if you use vehicles for your business or work with sensitive data, you’ll need commercial auto insurance and cyber liability insurance, respectively. Alternatively, startups that provide professional services or advice should strongly consider investing in errors and omissions insurance.

We’re Here to Help

At On the Coast Insurance Agency in Aransas Pass, Texas, our experienced and dedicated team can help you identify and acquire ideal coverage for your startup. Contact us today to learn more.