Startup Toolkit

You need to hire an insurance broker that understands your business so you put the proper coverages in place, set the right limits and deductibles and one that will help you shop carriers for the best value.  Ask peers, check references.  As basic coverage you will probably need: property, general liability, workers comp and management liability (directors and officers, employment practices and fiduciary liability).  Depending on your business you may also need: employee benefits, auto, foreign and errors and omissions (professional liability).  I view insurance as a backup in a catastrophic scenario so adjusting the deductibles up to get the premium down can be a good way to manage the cost of coverage.  Even though it is painful, read the fine print on the directors and officers policies which is very specific on the scenarios it covers.