Considerations for Startups Seeking Insurance
As startups grow, it’s imperative that they have a comprehensive
insurance program to protect them from a myriad of risks. Startups often
have a lack of initial capital, passionate but inexperienced
management, and an intense focus on the product or service being
offered. All of which makes not only insurance coverage, but a
startup-specific insurance program, that much more important.
D&O Insurance
Directors and officers liability insurance, also known as D&O insurance, protects, appropriately, the directors and officers of a business from personal financial risk should a lawsuit be filed against their business. The coverage provided by D&O insurance is designed to cover lawsuits alleging financial injury as a result of mismanagement. In turn, D&O insurance is often acquired by startups as a condition for venture capital investment.
EPLI Insurance
Employment practices liability insurance, also known as EPLI insurance, protects growing businesses in the case of lawsuits related to harassment or discrimination allegations. Unfortunately, simply being committed to honesty, integrity, and equality in one’s hiring practices, professional relationships, interactions, and behavior isn’t enough to preclude allegations of impropriety. In the passionate world of startups one can easily encounter misunderstandings related to employment, which can lead to costly and distracting lawsuits.
Fiduciary Liability Insurance
Fiduciary liability is a lesser-known area of business insurance, but one still worth taking into consideration. A fiduciary liability policy covers the business’s fiduciaries—employers, trustees, and professional administrators—in the event that alleged issues arise with any employee retirement plans. That primarily includes 401(k) plans, but can also include pension, retirement, and others that are regulated by ERISA (Employee Retirement Income Security Act of 1974).
Cyber Insurance
It has been estimated that nearly 50% of small businesses have suffered a cyber attack, and 60% of those that do are forced to shut their doors within six months. Given this, consider the practicality of a cyber insurance policy for your startup. A cyber insurance policy will help your startup mitigate risks by covering the costs associated with the support and recovery from data breaches.
Where to Go for Dependable Startup Coverage
The best place to find the right startup insurance is an insurance brokerage that offers startup expertise and value. A brokerage that features plans specifically built around the individual needs of every startup is particularly important. The Embroker Startup Program is a strong example—not only can you gain market-leading coverage quickly (in 60 seconds or less), you can also acquire the insurance plans your startup can’t afford to go without.
About Embroker
Digital insurance brokerage Embroker has established themselves as an industry thought leader and innovator. They’ve built that reputation by leveraging their leading edge data-analysis and technological innovation, while combining it with a practical understanding of the industry and the liabilities faced by businesses in the modern marketplace. The result has been Embroker providing growing businesses and startups the best cyber insurance, D&O insurance, and EPLI insurance policies. The Embroker Startup Program is recognized as offering leading coverage to suit every startup’s specific needs.
Protect your startup or growing business at Embroker.com
D&O Insurance
Directors and officers liability insurance, also known as D&O insurance, protects, appropriately, the directors and officers of a business from personal financial risk should a lawsuit be filed against their business. The coverage provided by D&O insurance is designed to cover lawsuits alleging financial injury as a result of mismanagement. In turn, D&O insurance is often acquired by startups as a condition for venture capital investment.
EPLI Insurance
Employment practices liability insurance, also known as EPLI insurance, protects growing businesses in the case of lawsuits related to harassment or discrimination allegations. Unfortunately, simply being committed to honesty, integrity, and equality in one’s hiring practices, professional relationships, interactions, and behavior isn’t enough to preclude allegations of impropriety. In the passionate world of startups one can easily encounter misunderstandings related to employment, which can lead to costly and distracting lawsuits.
Fiduciary Liability Insurance
Fiduciary liability is a lesser-known area of business insurance, but one still worth taking into consideration. A fiduciary liability policy covers the business’s fiduciaries—employers, trustees, and professional administrators—in the event that alleged issues arise with any employee retirement plans. That primarily includes 401(k) plans, but can also include pension, retirement, and others that are regulated by ERISA (Employee Retirement Income Security Act of 1974).
Cyber Insurance
It has been estimated that nearly 50% of small businesses have suffered a cyber attack, and 60% of those that do are forced to shut their doors within six months. Given this, consider the practicality of a cyber insurance policy for your startup. A cyber insurance policy will help your startup mitigate risks by covering the costs associated with the support and recovery from data breaches.
Where to Go for Dependable Startup Coverage
The best place to find the right startup insurance is an insurance brokerage that offers startup expertise and value. A brokerage that features plans specifically built around the individual needs of every startup is particularly important. The Embroker Startup Program is a strong example—not only can you gain market-leading coverage quickly (in 60 seconds or less), you can also acquire the insurance plans your startup can’t afford to go without.
About Embroker
Digital insurance brokerage Embroker has established themselves as an industry thought leader and innovator. They’ve built that reputation by leveraging their leading edge data-analysis and technological innovation, while combining it with a practical understanding of the industry and the liabilities faced by businesses in the modern marketplace. The result has been Embroker providing growing businesses and startups the best cyber insurance, D&O insurance, and EPLI insurance policies. The Embroker Startup Program is recognized as offering leading coverage to suit every startup’s specific needs.
Protect your startup or growing business at Embroker.com
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