INSURANCE FOR START-UP I
It is important as a start-up business to take into consideration insurance and place it as a top priority in your business budgeting and planning.
To build a sustainable business, risk management must be at the heart of your planning and execution. This because something could go wrong while planning or when you commence business and so, you want to ensure that relevant insurance are in place to get your business going without interrupting your operations or impacting negatively on your projections.
As a start-up, getting the appropriate insurance to cover your business could be a demanding task but with help of an independent insurance agent as OIAS this task is simplified and every burden taken off you.
Most start-ups generally begin in a home office and with most family having no home insurance, even if they do, it is tempting to simply want to rely on your home insurance policy cover. However, if customers or suppliers visit your home, then this automatically changes your risk profile because of that element of commercial activity taking place on the premises. Talk to OIAS Team who is able to structure a good plan for you with underwriters including ensuring that your home based office equipment are adequately structured into your policy. Same apply also to more complex business and equipment.
No matter where you trade from, you should protect your business from losses that could shut your business down before or after you hit the ground running in your business.
From the day you commence business as an entrepreneur, you are exposed to certain risks right before the first employee is hired, and a business is at risk making it important to have the right insurance in place. One lawsuit or tragic event could wipe out a small business before it could get a chance to get off the ground.
Fortunately, businesses have access to a wide range of insurance types to protect them against these dangers. Here are some insurance types that as a start-up, budding or growing business you must have in place as soon as possible.
Learn more in part II of Insurance for Start-up article.