Startups are exciting. They are fresh, new business models being created by the most passionate individuals in the world. They are optimistic and carry potential, but they often overlook one important thing:
As a startup founder, there are hundreds of tasks to juggle. From hiring trustworthy employees to finding the right office space, the last thing on a new business owners’ to-do list is insurance. Unfortunately, this insurance is exactly what startups need for legal and financial security. Protecting one’s business from the problematic consequences of a wayward customer, disgruntled employee, or unexpected accident is essential and important. Here at Piedmont Avenue Consulting, Inc., we decided to share exactly why startups need business insurance:
Sure, a business insurance expense may sound too expensive, but if you outweigh this nominal rate with an unforeseen, hefty lawsuit down the road, that nominal rate may be worth it. Check with your local business insurance providers to shop around for a great rate that works well with what you are looking for.
Are you protected? That homeowners policy that is covering your home office probably isn’t. The building policy which your office space is located in? Probably not covering you either. Make sure you do your research on what you are covered by, so you can shop for what you’re not.
Just because you have no employees and a small client base does not mean you can fly under the radar. Keep in mind that every business can be sued.
In today’s litigious business environment, startups can be sued for virtually anything. From having a logo which resembles a competitor’s to having an unsatisfied customer seek revenge, be sure to understand what business insurance can protect you from.
Business insurance doesn’t only protect you from litigation. Data breaches, inventory damage, and theft are all losses that can be recouped with business insurance.
If you own a startup or are a small-business owner, contact Piedmont Avenue Consulting, Inc. today to find out more on how our team of experienced consultants can help you shop for the right business insurance for your needs, streamline your current business operations, or hire new, trustworthy employees. Contact us today or schedule a free, 30-minute phone consultation.