Small startup businesses often have limited budgets and big dreams. Whether you have a product that will change the world or a service that you are passionate about, you need business insurance to protect your investment.

Today, there are many policies available to help you to protect your small business. And these policies are often very affordable. The key is to choose what you need to cover. Work closely with your insurance agent to get a specialized plan that meets your needs.

Protect Your Assets

A good place to start is with asset protection. When buying business insurance, choose a plan that reflects the value of your current assets. This includes equipment, the building (if you own it), computer systems, and inventory. You may need commercial auto insurance if you operate a vehicle as a component of your new company.

Here are some tips regarding asset coverage:

• Keep policies at the value of your assets. Do not make the mistake of over-insuring your business (or underinsuring it!)

• Avoid making too many claims on the policy to reduce the risk of increasing premiums.

• Set a deductible you can afford. Remember that higher deductibles lead to lower premium costs.

Protect Your Liability Risks

Liability is a big concern for any business. It is often the hardest risk to estimate as well. For this reason, consider an insurance policy that addresses the specifics of your business.

Here are some things to consider to help keep costs lower:

• Do you have customers visiting your location? This means you’ll need more liability insurance to cut the risks associated with slips and falls.

• Be sure your policy reflects the risks of your business. This may include providing product failure coverage (if necessary), or a service warranty.

• Take every step possible to make sure your location is safe and the service you offer is the best it can be. This reduces risk and the likelihood of claims, which can increase costs.

Business insurance for small startups is necessary. Without basic policies, your business could suffer even if it faces a single claim. To avoid this, buy a policy that accurately reflects your company’s needs. It helps to work with a business insurance agent, who can find the right coverage and policy at the right price.

Get started today! Call Bromell Agency at (318) 251-1212 for a free business insurance quote.