Succeed As Your Own Boss

ENDING SMALL BUSINESS FAILURE

  • Home
  • About
  • Book Melinda
  • Consulting
  • SBL Store
    • Books/Workbooks
    • LifePlanningJournal
    • 30 Day Fast Start Program
    • Become Your Own Boss Course
    • Become Your Own Boss Bundle
    • Fix Your Business Masterclass
    • Write A Business Plan Course
    • One-on-One VIP Coaching
  • Subscribe to Podcast
  • #Smallbizchat
    • Be a #SmallBizChat Guest
  • Blog
    • Write For Us
  • Contact
You are here: Home / Guest Articles / What Kind of Insurance Do I Need For My Start Up?

What Kind of Insurance Do I Need For My Start Up?

January 7, 2014 By Melinda Emerson 1 Comment

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

What Kind of Insurance Do I Need For My Start Up?Guest Article

Small businesses need insurance protection just as larger companies do, but when your margins are thin or sales are sluggish, you have to cut costs, which often means forgoing small business insurance. This is doubly true for start-ups that are often short on operating capital.

No matter how appealing skipping business insurance may seem, this should not be one of your cost-cutting measures. You can view insurance as another cost of doing business, or you can view it as an asset designed to protect your fledgling company against claims and lawsuits – which typically cost much more than an insurance policy would.

So what are the essential types of business insurance coverage you need to consider for your start-up?  Luckily it’s not all that complicated. Here is a breakdown of the three main types to consider.

1.     Professional Liability Insurance

If your start-up provides services, you should consider professional liability coverage to protect against errors and negligence.  Professional liability insurance, also known as Errors and Omissions insurance or E&O, insures the actual services your business provides. Be sure that any policies you’re considering will appoint an attorney to defend you or reimburse you for defense costs in a lawsuit, even if you’ve made no mistakes.

2.     General Liability Insurance

This is the policy that covers the general ‘slip and fall’ risks.  It covers physical damage to others and their property as well as protects your start-up from claims of libel and slander. Many retail space owners require tenants to carry this type of insurance so they can protect their property.

3.     Business Owner’s Policy

Start-ups that own their business location or have valuable business equipment should consider a business owners’ policy (also called a BOP).  This type of insurance protects against damage to the property owned and used by the business while conveniently also including coverage found in general liability insurance.

When shopping for your start-up company’s business insurance, look for an insurance carrier that understands your type of business and tailors your insurance policy to your specific needs.  For instance, photographers need insurance that will protect them against claims arising from the failure to deliver services due to a faulty memory card, and real estate agents need insurance that will protect them from claims filed for negligence in researching a home’s value if their client feels like they over paid for their home.

As the founder of a start-up there’s no doubt you’re facing numerous challenges.  Don’t let a lawsuit be one of those challenges by securing small business insurance tailored to your needs.  Once you have business insurance you’re confident in, you can focus attention on what you do best: generating revenue in your start-up business.

Disclosure: Hiscox Insurance Company compensated the publisher of www.succeedasyourownboss.com to publish this post.

Kevin Kerridge

About the author:  Kevin Kerridge is the director of small business insurance for Hiscox, a company that provides customized business insurance for small business professionals such as consultants, IT professionals, graphic designers, and many more. 

Hiscox small business insurance is underwritten by Hiscox Insurance Company. Inc., a Chicago-based insurance company that is licensed in all states and DC. The contents of this article and the linked materials do not offer legal, business, or insurance advice related to the needs of any specific individual business. Claim scenarios are for illustrative purposes only and are subject to the terms and conditions of the policy in question. Please consult your professional advisor.

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

Filed Under: Guest Articles, Starting A Small Business Tagged With: @HiscoxSmallBiz, small business info, small business insurance, starting a small business

Fix Your Business Now!

Order SmallBizLady's new book Fix Your Business, 90-Day plan to Get Back Your Life and Reduce Chaos in Your Business. It includes the 12 Ps of Running a Successful Business and readers will finish the book with a new strategic plan to take their business to the next level.

About Melinda Emerson

Melinda F. Emerson, known to many as SmallBizLady is one of America's leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. Her latest ebook, How To Become a Social Media Ninja; 101 Ways to Dominate Your Competition Online was released in 2012.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Let’s Connect

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Let me send my best blog posts to your inbox each week.

Click Here to Sign Up!

Get 2 FREE Chapters of SmallBizLady’s Book,
"Become Your Own Boss"!

Become Your Own Boss Download Two FREE Chapters

Most Popular Posts

>Seven Ways to be More Profitable in Your Small Business
> 7 Ways to Attract Customers to Your Small Business
> 6 Tips for Managing Small Business Finances
> How to Run a Successful Multilevel Marketing Business
> 10 Ways to Grow Your Small Business With Instagram
> How to Sell on Facebook
> How to Get Over the Fear of Starting a New Business

Featured Videos

“12 Principles of Highly Profitable Businesses with Melinda Emerson” from Sonia Dumas
October 2020

#SmallBizChat LIVE from NYC
May 2017

MSNBC Interview
Top Tip: Never Let a Customer Down

National Speakers Association
Winter Conference 2016

Tune in to Exhale, Wednesdays at 9 pm EST, only on ASPiRE. Join the conversation at #EXHALETV

Fox Business
Five Steps to Becoming a ‘Social Media Ninja

MSNBC
The importance of job mentoring for women

#SmallBizChat Live
National Small Business Week: Q&A

Good Day Philadelphia
Expert Shares Tips on How to Become Your Own Boss

Google
Best Practice for Social Media

Testimonials

Become Your Own Boss is a must read if you’re thinking of launching a business of your own.
Jean Chatzky, Bestselling Author of Money 911 and Financial Editor of NBC’s Today Show
Great step-by-step advice for anyone looking to start their own business.
Andrew C. Taylor, Chairman, Enterprise Rent-A-Car
Melinda Emerson has written a remarkable book. It is essential reading for anyone seeking to make the transition from working girl to successfully working it, as an entrepreneur.
Cynthia McClain-Hill, Past President, National Association of Women Business Owners
The perfect companion for those planning to go out on their own. Melinda delivers firsthand practical advice on how to be the successful entrepreneur. Read it if you want to get it right the first time.
Kenneth L. Shropshire, Professor at the Wharton School of Business, University of Pennsylvania
If you are looking for a versatile speaker who can talk about how to grow small businesses or get started with social media, look no further.
Heather Van Sickle Executive Director, National Association for Community College Entrepreneurship (NACCE)
Her wit and depth of subject knowledge were entertaining and empowering. Melinda is definitely on our short list of seasoned entrepreneurs and business leaders we look to invite back in the near future.
Tennille M. Robinson Senior content & Event producer for Inc. magazine
Melinda Emerson, “SmallBizLady,” is an engaging and witty speaker and a great addition to any conference. Her terrific presentation and compelling delivery give people the information they need and want to become their own bosses and grow success… Read more
Laurie Dalton White Conference Director, Pennsylvania Conference for Women
Melinda Emerson has been a fantastic small business and social media resource for the Pitney Bowes team. Not only is she personable and easy to work with, but she also has an innate understanding of the small business audience. My marketing programs … Read more
Justin Amendola, Former VP, Global SMB Digital Strategy, Pitney Bowes

SmallBizChat

  • Twitter

Latest #SmallBizChat

Getting Your Back Office Tight with Dee Taylor-Jolley 1200 x 1200

The SmallBizChat Podcast: Getting Your Back Office Tight with Dee Taylor-Jolley

  Dee Taylor-Jolley is the “Back Office Boss” and has been operating a successful business for over 30 years. Dee has worked as a high school teacher, corporate trainer, and congressional aide. She holds a BA in Political Science from Howard University and a Masters Degree in Curriculum Design from The Catholic University of America. […]

Recent Comments

  • Bada Business ibc on 5 Tips for Getting More Online Reviews for Your Small Business
  • Justin Marble on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • sathya on 15 Mistakes Not To Make In Your Digital Marketing Approach
  • Agency Platform Ebrandz on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • Sejal on 15 Mistakes Not To Make In Your Digital Marketing Approach

#SmallBizChat

  • SmallBizChat Archive
  • @SmallBizLady

Business Advice

  • How to Start

SmallBizLady Store

  • Products
  • Free Chapter

Get In Touch

  • Write For Us
  • FAQ
  • Be a #SmallBizChat Guest
  • Contact Us
Copyright © 2019
Quintessence Group
PO Box 280
Drexel Hill, PA 19026
(610) 352-0680
Privacy Policy · Refund Policy

Copyright © 2021 · News Pro Theme on Genesis Framework · WordPress · Log in