A recent study conducted by SmartAsset revealed that nine of the top 10 cities with lowest startup costs were in the South, including Chattanooga. With these low costs, it’s easy to see why the Southeast is a budding hotbed for entrepreneurs and startups looking to become the next big thing.
Accelerator programs, like Launch Tennessee in Nashville. and CO.LAB in Chattanooga, mentor and guide these individuals on business plans, funding, testing and more. But what about the types of insurance that startups need?
Startups typically have less than 100 employees, and can easily buy into the misconception that they’re too small for policies outside the standard commercial general liability (CGL) insurance. Others naively believe that CGL insurance is an all-encompassing solution.
CGL insurance is a basic business insurance policy that covers any general claims of injury or property damage. It does not extend to things like workers’ compensation or cyber attacks. In such an event, your company could be left exposed.
Below are four types of insurance to protect and cover your startup’s you-know-what.