Business Insurance for Startups

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Quick Summary
For most businesses, even fledgling ones, business insurance should be considered as essential to their survival as basic utilities – and steady customers. Some types of insurance are required by law. Other coverages may be required by your business associates or investors. But business insurance is really about protecting your employees and your investment in your business.

What Insurance Do I Need to Start a Business?

See the primary insurance needed for small business startups. Some may not apply, or may be less essential, depending on your type of business and how it’s structured:

General Liability Insurance for Startups

General liability provides financial protection for your business in the event of lawsuits, claims or settlements. These may arise as the result of injuries or property damage connected with your business, or even non-physical acts like slander or libel. General liability insurance is vital component of business insurance.

Property Insurance for Startups

Property insurance covers your business’ physical assets including buildings and inventory. A wide array of events can fall under this coverage, such as fire, smoke, wind and hail storms, and vandalism. Flood damage is generally not covered without flood insurance. A good policy will cover all your business’ assets, whether they are leased or owned.

Business Owner's Policy: The Best of Both

A business owner’s policy (BOP) bundles general liability and commercial property insurance coverages and is generally the most affordable choice. With a single BOP policy, small business owners are protected against theft, lawsuits, fire and more. Not all businesses qualify for a BOP, but as a startup, there is a good chance your business will be suited for affordable pricing that BOPs offer.
 

Flood Insurance for Startups

Floods can impact your business at any time, even if your business is located on top of a hill. Commercial property insurance typically does not cover flooding, so having flood insurance can be crucial for your business to get back to work after a disaster. Backed by the federal government, the National Flood Insurance Program covers businesses from financial losses due to property damage caused by flooding.
 
Need Business Insurance?

Need Business Insurance?

For more than 200 years businesses have trusted The Hartford. We can help you get the right coverage with an online quote.
Start Quote
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