When starting up, how do you figure out what business insurance or coverage you actually need? This almost feels like a chicken and egg question like how do I straight up what type would work and what’s to included in the coverage.
When you’re starting a business, the easiest way to figure out what insurance you need is to focus on your actual risks, not on the list of insurance products. Ask yourself: “Where could I lose money if something goes wrong?” For example, if you work with clients under contracts, you may need Professional Liability; if customers could get injured or property could be damaged, you need General Liability; if you have inventory or equipment, you need Property coverage; and if you collect customer data or operate online, consider Cyber Liability. Once you identify the risks, you can then ask an insurance broker to recommend the right coverage and limits based on those risks. This approach keeps things practical and avoids guessing which insurance type you “should” have.
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Hey @Arcs,
It totally feels like a chicken and egg situation! Don’t stress about getting it perfect. I’d recommend making a quick list of your biggest ‘what if’ fears (client disputes, equipment damage, etc.) and then booking a 20-minute call with an independent insurance agent. They’re experts at translating your concerns into the right coverage.