Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Your Free Business Opportunity Resource Is Easy To Use
Home-Based Businesses
Choosing a Business Opportunity Growth and Profit Marketing and Sales
Plans and Goals Running Your Own Business Start-Up
Working From Home Entrepreneur Exchange Feature Articles
Opportunity Community Opportunity Focus In The News

Optimizing Your Business for Mobile - Not too long ago, your business would be considered tech savvy if your website was easy to read on a smartphone and employees could access their emails on the go.

But, with how quickly the digital world is moving these days, this is just the beginning...

Getting Started CRM - Customer Relationship Management software, usually called CRM, can keep your customers happy and boost your sales. The right one makes it easy to track who is buying from you and where they are in the sales cycle.

Getting Started

Common Succession Planning - Legacy planning, as owners of family businesses know, is essential for the continued success of the business.

However, that doesn’t always mean that owners take the right steps to ensure a seamless

Sponsors

STARSCAPES®
Imagine making up to $500 to $1,800 a day! Call or click now see how you can get your business for FREE! (602) 679-0257
Kaeser & Blair Promotional Products
Run Your Own Business. Be Your Own Boss. Earn Great Profit Potential. Start At A Low Cost. Try It For Free! Learn More.
 
Resource Center > Article
Start-Up Insurance for Business Franchise Opportunities
4 Nov 15 Posted by: Kevin James Culp
in Start-Up
Share this Article:

Getting a start-up from dream to reality is a 24-hour-a-day job for months. There is so much to do: lining up suppliers, marketing for customers, getting funding, hiring the right staff.

The nuts and bolts of a launch take time, energy and money. And anxiety: “Have I forgotten anything?” What about business insurance for your start-up? It’s easy to overlook this critical part of your business start-up success. The right package of insurance will protect your company as it grows.

Here is a look at what types you need and where you can find it.

What Type of Insurance Do You Need?

According to Entrepreneur Magazine, every start-up needs at least five types of coverage:


  • Comprehensive general liability

  • Directors and officers liability

  • Cyber/media insurance

  • First-party property insurance

  • Employment liability insurance


To this list, Baremetrics and other business groups add:

  • Worker’s compensation insurance/disability insurance

  • Errors and omissions insurance

  • Key person insurance

  • Health and employee benefits insurance


In your start-up timeline, there are five events that trigger the need for business insurance. These are:

  • Hiring staff

  • Closing a new level of funding

  • Moving to a new office

  • Signing up clients

  • During a growth spurt


Eliminating the Confusion

That’s a lot of insurance! Do you need it all? Conflicting information is the norm when it comes to insurance. It’s all too easy to fall into the persuasive clutches of an agent that simply wants to sell you anything he can in order to make a commission.

Few business owners understand the complexities of business opportunity insurance and franchise insurance.

You need to consult with your lawyer and accountant to decide which coverage is required for your specific business. There are many factors that influence what types of policies you should invest in.

Don’t be intimidated by insurance policies and advice. Treat your insurance coverage as a company asset. Maximize its usability just like you do your trucks and cars and office equipment.

That means being clear about what tasks people in your business do and the implications of your company actions. Research what other businesses like yours have for coverage. Too much insurance or policies that aren’t appropriate simply waste money.

Where Can You Get the Best Insurance?

Pricing policies takes time, effort and expertise. That’s why a number of companies have positioned themselves as one-stop insurance stores focused on the needs of start-ups. Since everything you need for insurance is in one place, your shopping is much easier and far less time-consuming.

One of the most highly regarded is FounderShield. It’s target market is the venture-backed start-up and its mission is to “take the stress out” of buying insurance. It offers:


  • Everything in one place, with a wide choice of policies to choose from

  • Digital applications that use advanced technology. They are proud that their applications don’t require a fax machine.

  • Quick response time

  • Policies and packages created for start-ups. The founders have started their own firms, so they know what you need.

  • The ability for buyers to scale up quickly and easily


Don’t overlook the need for business insurance during your start-up period. The right insurance will protect you and provide peace of mind.

Getting a start-up from dream to reality is a 24-hour-a-day job for months. There is so much to do: lining up suppliers, marketing for customers, getting funding, hiring the right staff.

SOURCES: Entrepreneur Magazine, Harvard School of Business, FounderShield

Related Blog Posts
6 May 17 Posted by: Kevin James Culp
in Start-Up

Getting Started CRM - Customer Relationship Management software, usually called CRM, can keep your customers happy and boost your sales. The right one makes it easy to track who is buying from you and where they are in the sales cycle.

Getting Started
25 Apr 17 Posted by: Dr. Federer
in Start-Up

Common Succession Planning - Legacy planning, as owners of family businesses know, is essential for the continued success of the business.

However, that doesn’t always mean that owners take the right steps to ensure a seamless
8 Jun 16 Posted by: Kevin James Culp
in Start-Up

Commercial Property 101: Leasing commercial space can be hugely beneficial for your business and a great way to cut down your overheads.

However, there are lots of things you need to consider before leasing a commercial property to ensure that you’re making the right decision for your business....
19 Apr 16 Posted by: Todd Hatch
in Start-Up

StartUp Marketing - There is a wave of sheer exhilaration that comes with finishing your product or getting your startup to the starting line. But according to many entrepreneurs, that’s when the real work begins. People need to know what you have to offer before you can make money.

StartUp Marketing...
28 Mar 16 Posted by: Kevin James Culp
in Start-Up

StartUp Financing: Are you having trouble getting people to buy your expensive products or services? Whether you are offering a business opportunity or a franchise, you are not alone.

StartUp Financing: Even after your target audience is sold on the worth...
 
   

Entrepreneur Exchange is our forum where we interview the Influencers, CEO's, Author's, Business Owners Of All Types, Shapes and Sizes.

Entrepreneur Exchange: Today, we sat down with Marc Winkelman, CEO of
Video Spotlight

Become a Dealer For Our Portable Self Loading Forklift! We Want To Talk With You. Call Us Toll-Free for Additional Information at 1-866-924-LIFT (5438) Today!


Premium Sponsor