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There are three kinds of insurance a startup needs.
General Liability Insurance
Professional Liability Insurance
No matter the sector, every startup requires the protection of insurance.
From technology to the food industry, regardless of the category, your startup falls under, you must obtain insurance. From the moment you launch your business, there will always be exposed to risk, and as an entrepreneur, the consequences will fall on you. Whether you’re facing a lawsuit, or an employee injures themselves on the job, you will be the person liable regardless of who’s at fault. That is why we at APOLLO understand you’ll need adequate protection in the form of a customizable insurance plan that will provide you coverage in any situation.
Being in the early stages of business, your startup may have limited funds. Still, you must invest inadequate protection against any potential risks you face for your business to grow. Without proper coverage, you could end up in a situation where you’re hit with a lawsuit and having to pay massive legal fees out of pocket, resulting in you and your business being unable to recover financially.
In times of crisis, possessing insurance is a vital component to ensuring your business will recover. No matter the situation, a strong insurance policy will secure your future and demonstrate to investors that your startup is legitimate.
Why do startups need insurance?
Though startups are small companies, that doesn’t guarantee their business is risk-free. From the very beginning, a business must ensure it has adequate protection, or else it could end up going bankrupt at any given moment. Unlike more established companies, the threat that lawsuits, damages, or any other additional expenses pose could be detrimental to the success of a startup. That is why entrepreneurs must acquire insurance.
To attract investors, startups must prove that they’re a legitimate business, and the best way to do so is by purchasing insurance. Doing this demonstrates their commitment and provides investors with peace of mind knowing that their money is secured if a significant loss were to occur.
When launching a new startup, there are several legal challenges that entrepreneurs may face. From trademark infringements to breaches of contracts, lawsuits can be filed by clients, the competition, and even their own employees. However, no matter the outcome of a trial, entrepreneurs will always have to pay costly fees. Without proper coverage, the money owed could be detrimental to the future of their business.
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What types of risks do I face as an entrepreneur?
As an entrepreneur, you aspire to have your business succeed, but without insurance, the risk of errors poses a significant threat. If a client ever felt unsatisfied with the services you provided them, they may feel obligated to file a lawsuit against you. In this situation, you’ll be required to pay various kinds of legal fees, and if left in debt, this could end up jeopardizing your dreams.
If your startup has an office or leased space, you, your employees, and your clients could be at risk. Whether an employee slips, trips, and falls or your client were to lose their laptop on the premises, you may be liable regardless of fault. To avoid incurring any additional legal or medical expenses, your startup must obtain a general liability policy to absorb these costs.
Though unlikely, if a fire or flood were to occur, then your startup could face severe consequences. Peril, or unexpected, events tend to cause significant damage or losses to a business. Without coverage, you’ll have to pay out of pocket for any kind of replacements or repairs needed for your startup to operate again.