5 Insurance Policies a Startup Company Should Consider

Every startup company is in a pursuit of saving money in order to secure its place in the market for long duration. But there are certain expenditures that are extremely important and avoiding them can ruin your business. One of the most important spending for every startup is taking insurance policy. We all know that every business takes few risks. These risks are especially dangerous to startups and they can’t afford to ignore these risks. One can easily reduce impact of these risks by getting some protection against them.

Insurance policy is important for all types of startups, either it is firm in Sydney or a consultancy in Dubai, even if the amount of investment is low. There are different types of policies available in the market and it is not mandatory for businesses to take all these insurance policies. Startups can easily calculate the most important risks related to their business and limit their spending for extremely important items. But there are few insurance policies that are universal and required by all types of startups.

Following are 5 most important types of insurance policies that every startup should take in order to minimize hurdles on the path of business growth.

Health Insurance

It is a primary type of insurance that covers health of company’s owner along with all the concerned employees. This type of policy deals with regular medical checkups along with several other benefits regarding small or complicated problems (according to the size of policy). This type of insurance policy is helpful in reducing the absence of employees.

Healthy employees will not only work on daily basis but also perform according to their full potential. Such type of behavior is necessary for development of company in its initial stages. This insurance will also create sense of security among workers and they will more likely to remain loyal to company.

This type of insurance policy is applicable where employees get injured while performing their duties for company. Through this policy, injured workers are provided with medical benefits and wage replacement. The employees have to give up his right to sue the employer to attain this insurance. This type of insurance policy protects company from legal complications that can hinder its growth.

This type of insurance covers company’s building, equipment, stock etc. There is always danger that you may lose your property via theft, fire, accident etc. It is really a disastrous situation for startups and usually unrecoverable. Therefore, the only way you can minimize this damage is by taking business property insurance.

Startup businesses are inexperience and they are more likely to commit errors by providing improper professional services. To counter this situation, startups can protect themselves by using Errors and Omissions Insurance (also known as Professional Liability Insurance). Such type of indemnity is available for all types of professional firms including consultants, real estate agents, technology providers, lawyers etc.

You can easily protect company’s vehicles by utilizing commercial auto insurance. This type of insurance is valid for cars, van, SUVs etc. while they carry employees, equipment or products. You can apply for this protection if these vehicles face collision or get damaged in any other way.