Commercial Insurance Policies That Every Start-Up Should Have
You have a lot to think about when launching a new business in Washington, PA. Many first-time entrepreneurs don’t include insurance in their business plan. Yet, getting the right commercial insurance policies can make a difference between success and failure. The Hansen Agency LLC can customize an economical set of policies to protect your new company.
Essential Insurance Policies
Every start-up needs to have several essential commercial insurance policies before beginning operations. Performing a risk assessment during the planning stages can help you determine what types of coverage you need. You can bundle several types of coverage into a business owner’s policy (BOP) to give your new company essential protections. A BOP is an excellent choice for new businesses that have low risk profiles, as it provides broad protection at a discounted price. The most common policies that start-ups should have are general liability, commercial property, workers’ compensation if you have employees, and professional liability if you provide services or advice. This set of commercial policies can help protect you from costs associated with unexpected lawsuits.
Specialized Policies
Depending on your risk profile, industry, and daily operations, you may need additional policies to provide sufficient protection. Commercial auto insurance is necessary if you operate a fleet of vehicles. Personal auto insurance will not protect your employees driving vans, delivery trucks, etc. Cyber liability insurance has become more common as hackers target websites and steal sensitive customer data. It can include credit monitoring and public relations campaigns to manage your reputation. If you have a high-risk profile, consider umbrella insurance. This insurance kicks in when you have exhausted your liability limits on claims covered by other policies.
Protect your new business investment through appropriate commercial insurance policies tailored to your needs. Contact The Hansen Agency LLC, serving residents of Washington, PA, to get started.
