Launching a startup is always an incredible way to cultivate an innovative idea into a business that can grow to become a multinational. However, you will face a wide range of challenges from the time you launch your startup to the time you start gaining stability.
It is always important to have the right protection from the very beginning so that you can focus on what matters most. The Sanford Group offers a comprehensive business insurance coverage to all startups in Georgia. We are here to protect you against a myriad of costly circumstances such as property destruction. Here are the top reasons why commercial insurance is necessary for your startup.
It Guards Your Valuable Human Assets
As a startup, you may be having some key human personnel with specific skill sets who help your business generate a lot of profit. It is therefore recommended that you insure these people with the “key man” insurance policy. This is simply a life insurance policy that falls under commercial insurance that will protect your startup in case of death or critical illness. This policy covers loss of profit, increased workloads as well as disruption of development plans.
Some Aspect of the Commercial insurance is a Legal Requirement
Georgia law requires all businesses with employees to provide specific types of insurance to their workers. This includes unemployment, workers’ compensation, and disability insurance. Failure to oblige with the legal requirements can result in civil/criminal penalties, fines, or exclusion from public contracts which can easily bring down your startup.
Helps You Protect Your Protect Your Property
One of the most significant expenses of a startup is usually the money spend on purchasing the equipment that it needs to kickstart its operations. Commercial insurance protects your physical property against damage or theft. Some of the instances that can lead to property damage include fire, wind and hail storms, and vandalism. It’s wise to protect your valuable business property from such scenarios with commercial property coverage.
Are you an entrepreneur running a startup? Contact The Sanford Group today for a comprehensive commercial insurance policy.