Startup Insurance: Everything founders should know about protecting their company – StartupOS

The article highlights the importance of insurance for startup companies and emphasizes that even though it may not be a top priority for first-time founders, it becomes crucial for repeat entrepreneurs. Insurance provides protection against various risks, including lawsuits from employees, contractors, customers, and competitors, as well as cybercrime and fraud. Many startups fail to consider these risks, which can lead to significant financial losses. However, new digital insurance companies, such as Vouch, Coalition, Zeguro, and NewFront, are emerging to cater specifically to the needs of startups, offering streamlined processes and lower costs. The article advises startups to start with basic coverage like business property and general liability insurance and expand as their needs evolve, such as obtaining coverage for directors and officers, employment liability protection, and errors and omissions insurance. Overall, insurance is seen as essential for protecting a startup's assets, reputation, and ability to secure investments.

Startup Insurance: Everything founders should know about protecting their company By Lewis Hower