What Insurance Do I Need to Start a Business?

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Seguro para negocios helps protect the investment you’ve made in your business. It can also help provide financial benefits to your employees if they get hurt or sick from their job.
 
Most commercial insurance policies are optional. Your state may require you to carry certain coverages. For example, employers in most states have to carry workers’ compensation insurance.
 
You may be wondering, “What insurance do I need to start a business?” The insurance you need depends on the type of business you have. We’ve put together an overview of the types of insurance policies that you should know about. We know every business is different, so some coverages may not apply to your business. Learn how different types of business insurance can help protect your company.
 

Do Startups Need Insurance?

Do startups need insurance? Startups should have basic insurance coverage. Your business faces unique risks and challenges that come up during normal operations. Without business insurance, you’ll have to pay out of pocket for claims.
 

What Insurance Do I Need to Start a Business?

Seguro general contra terceros

Un general liability insurance policy helps cover claims that your business caused:
 
  • Lesiones corporales
  • Property damage to someone else’s belongings
  • Personal injury, like libel or slander

Seguro de propiedades comerciales

Commercial property insurance helps protect your owned or rented building and the equipment you use to operate your business. This can include:
 
  • Inventario
  • Muebles
  • Computers

Workers’ Compensation Insurance

What insurance do I need to start a business? Most states require businesses with employees to carry workers’ compensation insurance. This gives your employees benefits to help them recover from work-related injuries or illnesses. These benefits can help:
 
  • Pay medical bills to treat a work-related injury or illness.
  • Cover ongoing care, like physical therapy.
  • Replace lost wages if an employee misses work to recover from their work-related injury or illness.
  • Provide disability benefits if a work-related injury or illness leaves an employee temporarily or permanently disabled.

Seguro comercial para automóviles

Commercial auto insurance helps protect you and your employees on the road. Many states require this coverage if you have vehicles that your business owns, leases or rents. Even if it’s not mandatory, this policy can help protect your business if you or an employee causes a car accident.
 

What Other Types of Insurance Should I Consider For My Startup Business?

Seguro para la pérdida de datos

If your business handles personally identifiable information (PII), data breach insurance is a good idea to have. It helps your business respond to a breach if PII gets lost or stolen. It can help small business owners pay to:
 
  • Notify impacted individuals
  • Create a public relations campaign to improve your business’ reputation
  • Offer credit monitoring services
Some insurance companies call this coverage cyber liability insurance.
 

Seguro comercial contra inundaciones

Commercial property insurance doesn’t typically cover flood damage. That’s where commercial flood insurance can help. This policy helps protect your business’ physical location and the contents inside. We provide flood insurance through the National Flood Insurance Program (NFIP).
 

Seguro comercial suplementario

Commercial umbrella insurance extends the limits of some of your existing liability coverages. For example, let's say a customer slips and falls in your business. They sue your business to pay for their medical bills, which cost more than your general liability policy limits. Commercial umbrella insurance can help pay the difference. This coverage is also known as umbrella liability insurance.
 

Seguro de responsabilidad profesional

If you provide a professional service to customers, you may want to get professional liability insurance. It can help pay your legal costs if someone sues your business for making a mistake in the professional services given. This policy is also known as errors and omissions insurance.
 

Directors & Officers Insurance

Directors and officers insurance (D&O insurance) is a part of management liability insurance. It helps protect your business’ directors and officers from liability claims. This can include lawsuits related to the way they run your business.
 

Seguro para ingresos comerciales

Business income insurance helps recover your lost income if you can’t operate your company because of covered property damage. This coverage can help pay ongoing expenses your business has, like:
 
  • Rent
  • Nómina de Sueldos
  • Utility bills

Game Plan

  • Advice from an insurance specialist with small business insurance expertise is critical. Have a trusted insurance professional? Get them to walk you through the basics of business insurance. This way, you'll know what coverages to get and your insurance cost. Don’t have one? Get some recommendations from your business network and interview insurance professionals to find someone with the expertise you need.
  • The U.S. Small Business Administration (SBA) offers a lot of helpful information on their website, including an overview article on business insurance.
  • Another good general resource for information on business insurance is the National Federation of Independent Business (NFIB).
  • It’s a good idea to research an insurance company before you get coverage. You can use the National Association of Insurance Commissioners’ (NAIC) website to do this and access key information, like closed insurance complaints and financial data.
  • The law surrounding workers’ compensation insurance for your employees can be confusing. You may want to consult a lawyer to make sure you understand your state laws. You can also contact your state’s Department of Labor to find out your coverage requirements.
  • Be sure to keep detailed records of your policies on hand. And whatever coverages you choose, be sure to know their specific details so you can correctly document what you need should an incident occur.
Need Business Insurance?

Need Business Insurance?

For more than 200 years businesses have trusted The Hartford. We can help you get the right coverage with an online quote.
 
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