In the fast-paced nature of the startup world, as an Amarillo, TX entrepreneur, it’s easy to overlook the insurance products you need to protect your growing company. You should view, and maximize, your business insurance just like any other company asset.
To start, as an entrepreneur, Nest Insurance Agency recommends that you put the following three forms of insurance coverage at the top of your must-have list:
Comprehensive General Liability
Comprehensive general liability insurance will protect your startup assets if an alleged claim is brought against you for:
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Personal property loss
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Property damage
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Third-party bodily injury
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Advertising injury
The most valuable thing about comprehensive general liability insurance is that it requires your insurance company to provide or pay for your startup’s legal defense if or when claims are alleged. Additionally, since many service contracts require at least $1 million in comprehensive general liability coverage, you’ll need to purchase it anyway to secure contracts.
Directors and Officers Liability Insurance
While well-known and respected individuals can help you grow your company, they will generally demand that they are protected from any litigation that results from their business decisions. For example, Side A directors and officers liability insurance coverage will protect your officers and directors from any claim of “wrongful acts” which could have negatively impacted your company’s value. Side "B" liability coverage will protect your company by indemnifying your director or officer and will pay for defense or indemnity costs. Side "C" liability coverage will protect your startup if it faces a shareholder/class action suit over securities issues.
Cyber/Media Insurance
Considering the high-profile hacking events seen in the business world recently, it’s clear that cyber insurance is a must-have for any new startup. Cyber/Media insurance is a policy that provides both indemnity and defense coverage in the event of a hacking incident. A Cyber/Media insurance policy will also provide compliance services, crisis management, and regulatory notice and disclosure requirements if an incident occurs.
For more information about how to protect your new Amarillo, TX startup, contact the insurance experts at Nest Insurance Agency today.
