For more than 200 years businesses have trusted The Hartford. We can help you get the right coverage with an online quote.
Risk Management for Startup Businesses
Whatever your business model, you’ll likely face risks that aren’t addressed by a Business Owners’ Policy (BOP) or other standard business insurance coverages. There are also rules and regulations that change frequently and may impact the liability your company faces. This is why risk management for startups is essential. To help ensure your business has long-term success, learn more about our coverages by getting a quote.
Do You Need Specialized Business Insurance?
The types of business risk you face will depend on your business’ practices. This means certain startups face more liability than others and have different risk management plans. For instance, architects face different liabilities than businesses that offer financial services. But every business that opens its doors to the public faces the potential for lawsuits.
These are some of the most common small-business professions and industries that typically require specialized coverages:
- Physicians, medical practices, allied health professionals and veterinarians
- Financial institutions
- Other professional service providers, such as attorneys and architects
- Auto service and repair shops
- Building construction and related services, like plumbing and electrical
- Exercise and sports facilities
- Marine-focused businesses
- Manufacturing companies
- Retail businesses
- Restaurants and bars
- Trucking and transportation companies
- Web developers and other technology service providers
The best way to protect your startup is to get customized business insurance that addresses your unique liabilities. To learn more, get a quote today.
Identifying the Risks of a Startup Business
Startups typically face:
- Financial risks
- Legal and regulatory risks
- Market risks
No matter the category of risks your industry is in, we can help make sure you’re prepared for the unique challenges your business may face. Managing the risks outlined above starts with identifying potential hazards for your company. This may include:
- Changes in demand that impact your cash flows
- Accidents
- Lack of funding
- Competition
- Legal defense fees
- Cyber threats
If your business involves operating machinery and physical work by your employees, your operational risks will be different. These industries pose the potential for lawsuits from customers and employee injury claims.
You’ll also want to look at any chemicals your employees use. Are they hazardous? Are your customers exposed to cyber-related risks by accepting credit card payments? The point is, the range of risks for each industry will vary, but there are likely to be many issues to consider.
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.