Understand the Facts About Insurance in Memphis, Tennessee
Finding the right insurance policy is complicated and no one will ever say otherwise. So many different carriers, a variety of policies, a multitude of terms and conditions that can be changed and applied to suit different industries—it can all be quite confusing! When it comes to insuring your tech startup business, you may find the task of shopping for insurance policies even more challenging. Technology companies face unique risks that not all insurance companies can accommodate. Startups also require specialty coverage in addition to general liability. The only way to buy the right type of insurance to cover your business risks is by familiarizing yourself with what products are out there and enlisting the help of a knowledgeable broker.
Why Insure My Tech Startup?
The biggest mistake many tech startups make (especially those operating from home), is failing to insure their company. Technology companies in their infancy have an alarmingly high failure rate, usually occurring in the first five years of opening. This is often because these companies fail to properly insure their business; therefore, when disaster strikes, they cannot financially afford a proper recovery and are forced to fold.
What Type of Insurance in Memphis, Tennessee will Benefit My Startup?
There are a few different insurance products that could help your tech startup and protect it from quick failure. These include:
- Cyber Liability Insurance – Your tech startup is inevitably going to operate online to some extent. That means you need insurance that protects you against data hacks and cyber attack damage.
- General Liability Insurance – Every business, regardless of industry, needs general liability protection.
- Professional Liability – If your tech startup provides other companies or individuals with services or advice, then you need an Errors and Omissions Insurance policy. This can protect against disgruntled clients and help shield against negligence related lawsuits.
- Workers’ Compensation – You may not think your employees would be at risk for injury, but regardless, you are required by the state to carry workers’ compensation for your paid workers.
- Property Insurance – You will want coverage against various perils for your buildings and personal property.
Explore Insurance Policies in Memphis, Tennessee with an Experienced Brokerage
Simultaneously, as you start branding your tech startup and create the company website, contact The Nowell Agency to go over your insurance needs. Our team will assess the specific risks associated with your business and help protect your investments today and into the future.
Request a quote for business insurance in Memphis, Tennessee suited to the nature and scope of your new technology company. Give us a call at a location near you or contact our Tennessee office at 888-539-6218.