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Running a startup entails having too many
items on the to-do checklist and having time constraints and far few personnel
to handle the various tasks. With this in mind, entrepreneurs (and their small
team if there is one) are left with little time to spare. And in the midst of
all the hassle and sometimes confusion, entrepreneurs will inadvertently
forget, overlook, or simply ignore the importance of getting insurance
coverage.
However, as many cases have shown, insurance
can play a huge role in determining whether a startup succeeds or fails. With
that in mind, herein we will explore some of the must-have insurance coverage
that every startup should have.
#1.
Comprehensive General Liability Insurance – Better
known by its acronym, CGL, this type of insurance coverage should be taken up
by every start so as to protect their assets in case a claim results from
advertising injury, third party bodily injury, property damage, or alleged to
personal property.
Costing about $500-$3000 per annum, this
particular coverage may seem expensive for many startups running on a tight
budget. However, the nature and value of the coverage more than justify the
paying for this type of coverage. For starters, a general liability claim may
cost upwards of $1 million, money which a startup might not be comfortable
forking out. Importantly, the coverage also requires the insurance company to
provider their CGL customers with legal defense when a claim is made.
#2.
Directors And Officers Liability Insurance – For many
startups, survival is dependent on taking risks and pushing the boundaries of
innovation. This means that the board has to take risky decisions, which may
not always yield a positive outcome. This may leave the directors and the
officer prone to litigation for wrongful acts.
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