Startup Business Insurance

Business insurance for the start up company.

Many people have found themselves either totally out of work or, to use a new buzz phrase, underemployed.

This trend has caused many of these same people to look at becoming self-employed and starting a new business. Whether full-time or part-time, it is important these new business owners consider the new risk exposure their venture will bring.

You cannot and should not assume or consider that a homeowner’s policy will cover any of this new risk uncovered by being a business owner.

Most Americans today who are starting a business do not have a large amount of assets such as vehicles and equipment, machinery and a large number of employees. Without being a large business, your insurance needs should be fairly easy to determine.

This is where a Business Owner’s Policy can be a good decision. Sometimes known just as a BOP, this type of business insurance policy can reduce or eliminate a lot of that new risk.

A Business Owner’s Policy normally covers all the basics for your new start up or existing small business. This includes basic property and liability protection for your small business. More often than not, your Business Owner’s Policy can be added to and coverage(s) extended as your business grows.

In addition you also may have the option of adding some additional coverage like business interruption insurance. This coverage will pay normal expenses like mortgages and vendors in the event your business is closed as a result of a fire or other catastrophe.

Review this type of business insurance with your licensed insurance professional and see if it makes sense for your business. Make sure to understand what is covered and any exclusion written in the policy. It’s important to protect both your personal assets and those of your new business.

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