New businesses face multiple risks from the moment they begin operations, and they need protection against these risks. Start up insurance is a specially designed coverage that gives new businesses in Massachusetts many of the protections they need.
The term “start up insurance” isn’t technical jargon as much as it’s a catchall for several insurance options that can be helpful to newer businesses.
Most new businesses in Massachusetts need insurance, for being small doesn’t necessarily insulate a company from all risk. Even the smallest of businesses often are exposed to at least a few perils, and small businesses that are new normally have fewer resources to draw on should they suffer from a major incident.
With insurance in place, new businesses usually stand a better chance of surviving what otherwise could be a devastating loss or lawsuit.
New businesses should generally begin looking at policies’ premiums and coverages as soon as business plans are being drawn up. While insurance might not be the most exciting aspect of a business to discuss at the early stages of development, shopping for insurance early on has several benefits.
First, securing insurance early keeps the matter from being overlooked or rushed later on. By taking care of this before other deadlines approach, business owners can make sure they have the time necessary to thoroughly consider and review coverage options. An insurance agent who specializes in insurance for start-ups can help with this process.
Second, requesting quotes provides a real-world figure for insurance costs. Instead of relying on estimates that may or may not be right, business owners can use this actual number during budgeting and forecasting. They’re just one element of a new business’ budget, but every number that can be accurately determined helps create more reliable projections.
Third, the effective date that determines when coverage begins can frequently be set to a later date. Thus, business owners can select a policy but have it start when their business needs the protection.
Although most new businesses need insurance, their insurance needs are hardly uniform. Insurance companies offer many different kinds of insurance in order to meet the diverse coverage needs that new businesses have.
Many of the insurances that are available offer protection against common risks that businesses in lots of different industries face:
Some other insurance policies are specifically designed to protect businesses within a certain industry or sector. For example, restaurant insurance is frequently used to insure businesses in the foodservice industry.
For help finding insurance that’ll meet the risk mitigation needs of a new business that you’re opening in Massachusetts, contact the independent insurance agents at Garrity Insurance. Our agents have assisted many start ups with their coverage needs, and we have the expertise necessary to find you policies that will provide the right combination of protections. Since we’re an independent agency, you can trust us to compare start up insurance policies from multiple insurance companies to find one that also fits within your business’ budget.