Sunday, 20 March 2016

Insurance for Start Ups' and Small Business

Start ups' and small business are vulnerable to risks as their risk bearing capacity is limited. They also have little time to attend to complicated legal matters as they already have too much on their plate. Moreover, they may not have the necessary professional knowledge and experience to attend to risk management activities. In these circumstances, start ups' and small businesses can depend on professional expertise by insuring their business. Some small businesses include:

  1. Stores
  2. Garages and Workshops
  3. Construction Companies
  4. Ride Sharing Companies
  5. Beauty and Fitness Centers
  6. Artist and Sculpture Company
  7. Tailoring Shop
  8. Restaurants
  9. Home Cleaning Services
  10. Lawn Moving Services
  11. Dry Cleaners
  12. Furniture Shop
  13. Office Supplies  

The necessary insurance are:
  • Liability Insurance: These include product liability insurance, employment liability insurance and general liability insurance. These options will help protect the assets of the company against third party hazards and risks.
  • Medical Insurance: Start ups' and small business owners will need medical insurance for themselves and their family. They can also offer medical insurance for their employees. This can help to earn their loyalty and also serve as an incentive for them to stick around. This  can make the difference in terms of attracting and retain qualified talent.
  • Commercial Insurance: These cover the property and operational risks of the insured.  A small business owner commercial policy helps absorb shocks due to operational risks and losses. A business that has implemented loss minimization measures and which is viable is more likely to find commercial insurance at affordable rates.



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