Starting a new business is a risky venture, but also the best decision you've ever made! Ask yourself – what can you do as a new business owner to help your business succeed? Experts agree that preparation is essential, and start up insurance can help provide important coverage to your Massachusetts start up that can mean the difference between weathering a storm and shuttering your doors for good.
New businesses face the same risks as established businesses, such as customer and employee injuries, lawsuits, and natural disasters. However, start up companies often have less of a financial cushion to fall back on, and typically lack a solid customer base. When a disaster strikes, it can be difficult for a young business to survive, making insurance even more essential. Start up insurance packages are designed to provide the most essential protections for your new business, with coverage that can grow with your company.
When a new company is first starting out, insurance should be at the top of the priority list. Experts agree that virtually all businesses need a few essential coverages to protect against the most common situations. Many landlords and lenders will require businesses to have insurance coverage, and customers will also expect you to be insured against any accidents.
There are three basic insurance policies that companies need to have in place, even before opening their doors:
Many businesses are able to start with a business owners policy. This package policy combines your general liability and property insurance coverage into an affordable package that can be further customized to provide comprehensive protection. A business owners policy can grow alongside your business, as your exposures increase.
In addition to your basic coverage, you may which to purchase other insurance policies from the start. Some of these can be added to a business owners policy, while others must be purchased separately. Some types of policies to consider now or as your business grows include:
Depending on your specific business plans and goals, you will need different types of coverage. Your insurance agent can help guide you to the most beneficial policies for your industry, needs, and budget.
New companies are often strapped for resources as they build a business from the ground up. However, new companies are at any even higher risk of failure than established ones. Even with limited resources, purchasing start up insurance should be considered essential for all businesses opening in Massachusetts.