This is an insurance policy that is usually attached to the Business Owner’s Policy or BOP. It protects the company from the exposure that contractors, employees, and founders create when they use their own vehicles on behalf of the business. An employee may drive to the bank so they can deposit a check. They may also go to Starbucks to pick up coffee for the office. The second largest claim that technology companies experience is auto liability claims.
2) Failing to buy errors and omissions insurance because there aren’t paying customers yet.
It is great to have users but paying users are so much better. Yet, both of them can bring lawsuits that can be severe to your business. You may have a "beta" customer who does not pay. But, it does not mean that the technology service will not fail or give them financial problems they could hold you responsible for.
3) Failure to buy insurance for workers compensation.
The law in Nevada requires companies to buy workers compensation insurance. Injuries can happen in any workplace. You may ask an employee to run out so he can get lunch for everyone and even an errand can be an event that is work sanctioned. The employee may experience harm on that trip. Whenever this happens, it is the company's responsibility. It includes the payment of medical bills in case there is an injury.
4) Thinking They Can Worry About Insurance When They’re Bigger.
Your business does not need to be big before someone sues you like one. It is important to buy insurance today. You might expect something big "tomorrow." Make sure that you assess your insurance every year. Do this at a least and base the buy on the growth you expect or aiming to get.
5) Thinking It’s Better Not to Work With an Agent.
There are many benefits that come with collaborating with a commercial insurance agent and paying less is one of them. Commercial insurance agents are experts in risk and independent agencies like ours have access to many different insurance carriers so they can find you the best rates for your needs. Many people think working with an agent costs you more money but the truth is the opposite!
At the Western Pacific Insurance, we work with many technology start-ups to make sure they’re properly protected regardless of the size of their business. To learn more about how we can help your business, please contact our agency at (303) 904-3777 or Click Here to request a free quote.