With all the hype and excitement of Facebook going public today and more Silicon Valley Millionaires being born with each raise in the ticker I felt it was a good time to talk about Insurance for Small Businesses and Start Ups. Most of us have seen The Social Network & was immediately pumped to start our own Tech Start Up, but before we start counting our money its important to make sure that you are also protecting your current and future assets. Money is tight with any business that is just starting so I have outlined a few coverage’s that are most important to cover in any small or starting business:
- Business Liability Insurance. Will protect the business owner(s) when they get into a lawsuit or third-party claim, and it also covers the legal costs. Whether its personal injury or property damage Business Liability Insurance will cover you and your assets.
- Commercial Property Coverage. Covers things related to the loss and damage of commercial property caused by vandalism, fires, theft or natural disasters. This is a great coverage to consider especially if your business is in an unsavory part of town.
- Business Disability Insurance. This covers your business incase you have to stop working due to a sudden injury or health issue. It would be hard to continue working while rehabilitating from injury or illness so this coverage gives you supplemental income until you are able to return to work.
- Workers Compensation. Similar to Business Disability Insurance but this covers the general employees rather than the business owner(s). Workers Comp protects the employer from the risk of workers getting injured or sick while at work. Also provides compensation for the injured employee including lost wages and medial payments.
- Commercial Auto. If you have company vehicles or have employees driving their own vehicles for work it is important to get a Commercial Auto policy. It provides protection both liability and property damage from a traffic accident.
- Umbrella. This coverage is important to cover any gaps or excess coverage incase one of the other types of coverages reaches it limit. An Umbrella is typically fairly inexpensive to add but its benefits can be huge.
- Business Interruption Coverage. Protects Business Income and Extra Expenses resulting from a suspense in operations due to a covered peril (like a fire). Coverage applies during the time required to rebuild and repair the property.
- Cyber Liability Insurance. If you would like to a FREE consultation to evaluate your business and your potential needs for insurance please contact Nadler Insurance via our site or phone (800) 399.5100. Nadler Insurance has been proudly servicing San Francisco Bay Area Businesses and their Families since 1927.