Silicon Valley may be the hub of start-up businesses, but it’s certainly not without competition. With a grandiose labor market and direct access to Madison Avenue ad agencies, New York is home to promising start-ups such as Custora, FiftyThree and Qwiki.
But launching a start up is difficult. When the funds are limited and the risks seem endless.
Initially, start-ups exorbitantly maximize their resources in order to sustain themselves. In doing so, the budget is only allocated towards the necessities; production of goods and/or services, salaries, and office space and equipment. But what about a comprehensive insurance program for your New York start-up business?
Unfortunately, undervaluing the importance of insurance “doesn’t become known until a loss or an illness or an accident occurs, which cause severe or irreversible harm to a business and its owners,” says Onofrio Cirianni, managing member of EisnerAmper Wealth Management & Corporate Benefits LLC.
You’ve worked hard to seek investors, land seed funds and hire employees. The last thing you want is to see your venture sink before it has the opportunity to thrive—start protecting your investment today.
Is your New York start-up insured?
Tip #1: Allocate your funds
When calculating your budget, keep in mind that protecting your investment is just as important as the investment itself.
Tip #2: Partner with an insurance agency that specializes in insuring New York start-ups
While most insurance agencies provide business insurance coverage, many have a limited clientele of start-ups. Ensure that your agent has the knowledge and expertise to help you avoid the common pitfalls that trip up so many other new businesses.
Tip #3: Buying the right coverage
Each business is different. Although there are policies that typically protect any type of business, the risks vary among industries. Ask your insurance agent which commercial insurance policies are best for your specific New York start-up.
If you’re just starting up your business, you already have a lot on your mind—and getting the business insured is no doubt high on your list. The Rubin Group is a New York based independent broker, meaning we aren’t tied to any one carrier. Instead, we can shop for the best coverages and premiums from among hundreds of carriers nationwide. For more information, call us today (877) 806-7239