Appletree Insurance Blog
A range of business hazards confronts tech businesses. Learn how startup insurance may help you safeguard your company and your profits.
Starting with the correct commercial insurance coverage is the most effective risk management measure that can be implemented. Risk is nothing new to tech startup founders, and the most successful ones recognize the need for risk management from the start. Startup business insurance can shield your startup from various digital firms' threats.
Why do you need insurance for your digital startup?
Startup business insurance provides valuable protection against the unexpected. Threats such as theft, fire, data breaches, and lawsuits could disrupt or damage your business if you do not have coverage.
Insurance protects investors and customers by lowering their risk and providing peace of mind. A mistake, oversight, or defective product could lead to a lawsuit against your startup. If a customer takes you to court, your insurance will cover the costs. The lawsuits for property damage and personal injury can be expensive.
Insurance For General Liability
The higher the risk your IT startup faces, the higher the cost of your insurance. It pays for legal bills and settlements if your company is issued for the following: Copyright infringement, libel, and slander are all examples of advertising injuries.
Liability Insurance For Cybercrime
Cyber liability insurance is an important consideration for tech firms. Coverage pays for costs incurred by your company due to data breaches or other cyber incidents. Data breaches, ransom attacks, and other cybercrimes are covered by cyber liability insurance. The average monthly cost of cyber liability insurance is $145.
Insurance For Workers' Compensation
Workers' compensation insurance is required in most states for tech businesses. Workers' compensation pays for expenditures incurred due to occupational accidents and illnesses. The higher the number of employees, the higher the premium.
Bonds of Fidelity
If an employee steals sensitive information from your company or a client, fidelity bonds protect your IT startup. It provides liability protection against theft, fraud, and unauthorized data access.
Business insurance for startups is a great way to protect yourself from the unexpected. Your startup will most likely consider several insurance solutions. Depending on its needs, some or all of the following policies may be beneficial to your company.
At Appletree Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (603) 881-9900. You can also request a free quote by CLICKING HERE. Coverage discussed in this article is not guaranteed. Please contact our agents today to ensure that your needs are being met and learn more about your policy. We are happy to help!
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