Best Insurance Coverage for Startups – Growth Business

In the early days of startups, it may seem like insurance coverage is optional, but in some cases it really isn’t.

The reality is that you need to have this in place before launch so you’re covered from day one. We’ll get into that a little later.

In the meantime, here are the best insurance coverage for startups and why you need it.

Does my startup need business insurance and why?

Yes, you need some form of insurance.

When you’re starting out, you need all the credibility you can get. If you can prove you’re insured, your customers will be in safer hands and you’ll be more favorable to investors further down the line. Legally, you are required to take out certain types of insurance, for example public liability insurance if you work with the public.

Like anything else, starting a business is a huge leap into the unknown and mistakes are more likely to crop up early on. Part of this equation is that you have less money in your coffers, so if something happens to your shares, income or data, you have more protection.

Speaking of data: it is the larger companies that make the headlines, but smaller companies are also affected by cyber attacks. Because small businesses generally have fewer resources to invest in cybersecurity, they are more vulnerable to increasingly sophisticated cybercriminals.

What should you pay attention to with your insurance?

As always, choose a package of products you need. Some providers allow you to personalize your insurance bundle based on the requirements of your business.

Here are some other insurance products you may find useful. These can sometimes be added as an extra or purchased separately as a standalone product.

Portable insurance protects your equipment against theft, loss and damage when you’re on the road. Not only that, but it also ensures that your kit is on its way to being repaired or replaced.

Employer’s liability insurance is essential if you have employees, interns, apprentices or seasonal staff.

Stock insurance covers your stock against theft, damage and extreme weather conditions. It may increase or decrease to account for seasonal inventories.

Director and owner (D&O) coverage – this liability insurance protects you as a director or owner. For example, if you present misleading information to an investor and the investor loses money as a result.

Business interruption insurance – if your business is hit by an unexpected event, such as a flood, fire or unexpected failure of essential equipment, you can be compensated for your loss of pre-tax profits or any increased operating costs resulting from the disruption.

Media liability insurance may also be a consideration if you post a blog and are concerned about publishing false information or being accused of defamation or copyright.

What is the best coverage for startups?

We’ve rounded up a number of insurers that offer specialist cover for startups.

Providers will often give you a starting price, but your quote will be based on the size of your business, the nature of your business and the level of cover you get. It goes without saying that if you run a whitewater rafting business, your premiums will go up a bit.

PolicyBee

https://www.policybee.co.uk/startup-insurance

Located in: Norwich

Types of insurance

• Professional liability insurance
• Public liability insurance
• Cyber ​​insurance
• Insurance director

Request a quote via PolicyBee

AXA

https://www.axa.co.uk/business-insurance/startup-insurance/

With AXA you can tailor coverage and only pay for what you need. You can also scale as you grow.

Located in: London

Types of insurance

• Public liability insurance
• Professional liability insurance
• Employer’s liability insurance
• Contents insurance

Request a quote via AXA

Hiscox

https://www.hiscox.co.uk/business-insurance/start-up-businesses

Hiscox start-up packages start from £10 per month. You can make unlimited changes and cancel at any time.

Located in: London

Types of insurance

• Professional liability insurance
• Public liability insurance
• Employer’s liability insurance
• Product liability insurance
• Cyber ​​and data insurance
• Personal accident insurance

Request a quote via Hiscox

Superscript

https://gosuperscript.com/business-insurance/business-type/startup-insurance/

Superscript allows you to customize your policy and get a price match on quotes.

Located in: London

Types of insurance

• Public liability insurance
• Employer’s liability insurance
• Insurance for directors and officers
• Cyber ​​insurance
• Intellectual property insurance

Request a quote via Superscript

Pro for small businesses

https://smallbusiness.co.uk/business-pro/

Small Business Pro is an all-in-one solution for small businesses, including a customer management tool, a monthly subsidy and several types of insurance.

Located in: London

Types of insurance

• Lifetime coverage
• Jury service cover
• Criminal defense insurance
• PR crisis coverage
• Protection against tax investigation

This coverage is part of the full Small Business Pro packages.

• Sole proprietorship: €39.99 per month
• Businesses with between one and 30 employees: £49.99 per month

Learn more about Small Business Pro

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