Start-ups are the backbone of the economy. They’re responsible for most new jobs, and they can even turn small towns into thriving communities. But they also face certain risks, and this is where commercial insurance comes into the picture. Here are some examples of risks that can be covered by commercial insurance.
1. Risks of Litigation
If you’re a start-up and someone sues your company, it’s going to be tough to pay the legal fees. These costs can quickly outpace any money that the start-up made in its early years. If you own a business, commercial insurance is one of the best ways to protect against this kind of risk.
2. Commercial Property Risks
Commercial property insurance is one of the most common types of coverage for start-ups. This protects against damage to buildings and equipment related to the business. Common causes of loss are fire, natural disasters, theft, and vandalism.
3. Product Liability Risks
Each year, several million people are injured by using faulty products. If your start-up is designing or selling any kind of hardware or software product, it’s vital to make sure you’re protected in case there’s an injury.
4. General Liability
This type of insurance is a catch-all for any other risk that isn’t specifically related to a single category of coverage. It’s the most common choice for start-ups and can cover general lawsuits and costs associated with accidents that happen on a business’s property.
5. Workers’ Compensation
This is an important type of insurance for start-ups that have employees. It provides coverage if someone gets injured or sick while on the job, and it pays medical costs and a portion of their wages while they’re unable to work. This kind of risk can quickly drain a business’s funds, so it’s crucial to be properly protected.
Need Insurance in Spring Grove, IL?
As a start-up, it’s essential that you use commercial insurance to protect yourself from common risks. Spring Grove Insurance offers affordable rates, specializing in business and personal insurance. Please get in touch with us for more information on the types of coverage we provide.