He spoke with us about startups and how insurance protects them. Read on:
What steps should a startup take to judge its insurance needs?
A startup tends to purchase only the minimum required insurance. If they have employees, they will purchase worker's comp and disability insurance. They may also purchase a small ($1MM) BOP policy to insure their business personal property.
At the growth stage, a startup should be purchasing directors and officers insurance and key-man life insurance. The amount of coverage here, though, really depends on the amount raised as well as the revenue numbers. At this stage, a startup should also be purchasing all other insurances that are going to mitigate their risk. When you can afford the insurance, you should buy it.
Why is insurance so important for startups?
How should a startup choose an insurer? What should they be looking for?
As a startup grows, how often should it evaluate its insurance needs, and why?
What's next in small business insurance? What trends should we be keeping an eye on?
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